DRO Approved - What Happens Next

ManyWays

I’ve also read people advising others to take a picture/screenshot of the Insolvency Register before the record of the DRO drops off, why would I need to do this 
Because it is the best proof that your DRO has ended. This is not often needed, but when it is, it is much simpler to be able to produce a screenshot rather than argue with a debt collector or get them to talk to the Insolvency Service.
It is easy and free, so why not do this?

Am I right in thinking that from August 1st I can earn more money, take a second job etc without having to declare my extra income.
Yes. All your obligations to report to the OR and all the DRO restrictions end.

It is usually hard to get a "normal" bank account so soon. I suggest it's not worth trying for at least 3 years.

Jamie_37

https://forums.moneysavingexpert.com/discussion/comment/82055442#Comment_82055442

Thanks for this, I was under the impression I would be able to get a normal current account and was looking to take advantage of a new customer offer (cash back) obviously this isn’t possible as you’ve pointed out so no problem.

Having looked at my Experian credit report I have MBNA (23rd September), Virgin Money (24th August) and NatWest Bank (5th August) which aren’t showing the correct default date which should be 31st July given that’s when the DRO was accepted.

Should I be contacting these companies directly to have the default date brought in line ??

Jamie_37

https://forums.moneysavingexpert.com/discussion/comment/82055621#Comment_82055621

I don’t have an issue taking a screenshot of the insolvency register I was just wondering why I would need to have one.

Apart from one letter when a debt was sold to a collection agency I’ve not heard from any of my five creditors in the last twelve months so I obviously didn’t think they’d be contacting me afterwards.

Thanks.

sourcrates

Its an insurance policy really, always good practice to take a screen shot, just in case.

There have been a few instances where insolvency debts were sold on, and chased by debt collectors, it just saves a lot of hassle if it should happen to you that`s all.

This can happen years down the line, when the DRO has vanished from records, and unless you have some sort of evidence it can cause a lot of stress.

RAS

Agreed. We've seen several instances here where debts that were included in BRs or DROs have been resurrected. It's a lot easier to prove what happened if you've got a copy of your discharge.

It's actually more often debts around the 6 year mark that get resurrected because some companies buy junk debt and try to squeeze out as much as they can. So you recent experience isn't an indicator of the future.

I'd suggest keeping a print out as well. I've used paper documents from the 17 century. I can't access a lot of electronic files saved early this century.

johnjs88

https://forums.moneysavingexpert.com/discussion/comment/82055354#Comment_82055354

Yes, Once August 1st comes you're free of all restrictions imposed on you by the Moratorium period unless the Insolvency Service extended your DRO for some reason.

That's when you start playing clean-up and start notifying creditors to process write offs and update credit files.

If you want a bank account that's insolvency friendly - Take a look at Monzo.

Monzo also has a nice feature where you can draw incoming payments 1 working day before they're properly due.

My DRO went live on 13/2/2025 and discharged on 13/2/2026.

I opened my Monzo account like 2 weeks after my DRO was approved and have had no issues with them.

Lending options are obviously unavailable to me because of the DRO, that's to be expected.

Jamie_37

Thanks for all the advice, will start getting my credit file sorted at the end of the month, the twelve months have flown by truth be told 👍