Applying for DRO - declarations

JamesMckk

What needs to be declared when applying for a DRO besides the debts?
I would need to show my bank accounts and details, but what else would they ask for?

I have a paypal account. This is not paypal credit or any part of my debt.
I have £100 in my paypal balance
Would they need to see anything like this paypal account?

ManyWays

That is effectively savings you have. Do you have any other savings, premium bonds, ISAs, investments, bitcoin etc? You are allowed up to £2,000 so it isnt often a problem. If you are over 55 you may be asked about your pension. 

JamesMckk

I have no other savings whatsoever.
Thank you for letting me know about the £2K. I was completely unaware of that.

RAS

Stop paying any non-essential debt, open an instant access ISA and whilst you are waiting fro the DRO, put in anything that you have extra into the ISA.

JamesMckk

Sorry for this late response. Would it make any difference if this was put into an ISA rather than a normal savings account.   I understand the ISA is for my benefit, I just wondered if there would be any implications of using a savings account rather than an ISA?

RAS

You get tax free interest with an ISA, but choose what suits you.

ManyWays

ISAs arent treated any differently from other savings in a DRO. Basic rate taxpayers can earn up to £1000 in interest a year before they pay any tax on the interest even if it isnt in an ISA.

johnjs88

They asked me for 3 months bank statements for every bank account thats had active use.

Which is my current one and my previous one.

They ask about any assets or luxuries you own such as Jewelry, Antiques, Electronics such as Computers, Cars, Property etc.

They also asked if there's any money tied up in things like Cryptocurrency, Bonds, Shares, Pensions etc or if I was expecting any inheritances within the next 12 months.

They even asked me what the model of my mobile phone was, I think they consider it as an asset (?)