Husbands DRO and bank balance
Hello everyone,
So as many of you know I’m BR, Husband has no job, will be returning to uni in sept but then his £600 from that will replace the £600 from the UC we get. He has his own debts but less than mine so we are going for a DRO for him- so hopefully a fresh start going forward for both of us.
I am not worried about the SOA, as it’s already been scrutinised in the bankruptcy and we have no surplus. But, due to being short this month (we need school uniform, I need to pay my professional fees, my car needs an MOT) he has sold his car for £1560.
So, he will now have £1550 in his bank but once he’s paid for a week of food shopping (we have no other money till UC comes on the 12th) paid for my MOT, got the new uniforms, my professional fees and then the £90 for DRO. So could we use this extra money to spend on essentials and keep the receipts, leaving him with just under£1,000 in his bank at the time of the DRO.
We will be using that money to buy another car but we are in no rush to do it, it’ll be nice just having the one to run through August and buying one in October ish.
Also which is the quickest way to get a DRO processed? CAB said they do a drop in to fill them out, what are our other options? Anything online like the BR forms?
Thanks in advance
So as many of you know I’m BR, Husband has no job, will be returning to uni in sept but then his £600 from that will replace the £600 from the UC we get. He has his own debts but less than mine so we are going for a DRO for him- so hopefully a fresh start going forward for both of us.
I am not worried about the SOA, as it’s already been scrutinised in the bankruptcy and we have no surplus. But, due to being short this month (we need school uniform, I need to pay my professional fees, my car needs an MOT) he has sold his car for £1560.
So, he will now have £1550 in his bank but once he’s paid for a week of food shopping (we have no other money till UC comes on the 12th) paid for my MOT, got the new uniforms, my professional fees and then the £90 for DRO. So could we use this extra money to spend on essentials and keep the receipts, leaving him with just under£1,000 in his bank at the time of the DRO.
We will be using that money to buy another car but we are in no rush to do it, it’ll be nice just having the one to run through August and buying one in October ish.
Also which is the quickest way to get a DRO processed? CAB said they do a drop in to fill them out, what are our other options? Anything online like the BR forms?
Thanks in advance
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Comments
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Hi. You have to do a DRO though an approved intermediary, so you get debt advice as part of the process. CABs vary with location, so if yours says they do them at a drop-in, go for it. Your plan is OK. He will have to declare savings as an asset but providing his assets are <£1000, that is no barrier.
When he buys a new car, check the value on Parkers guide. It's unlikely he will be able to buy a car worth >£1000 but that's a separate asset limit and could disqualify him if he exceeded it.
Re the sale of the old car, the only relevant question is 'In the past 2 years have you sold anything for less than it was worth?' Provided £1560 was a market price you answer 'no'0
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