DRO finished, now what?

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TheOldSeaDog78
TheOldSeaDog78 Posts: 6 Forumite
in IVA & DRO
Hi all
My DRO finishes today, whats happens next?Are all my financial handcuffs lifted? Am I free to do overtime etc now?

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  • fatbelly
    fatbelly Posts: 20,494 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
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    Take a print-out of your insolvency register entry as that will disappear after 3 months. You don't get a routine letter to say it's finished but the DRO Unit can send one if needed.

    Apart from that, the world's your oyster.
  • Twubble
    Twubble Posts: 80 Forumite
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    Party, party, party! I'll be doing the same next Thursday!
    Good luck with your shiny clean future.
  • Craig1981
    Craig1981 Posts: 769 Forumite
    First Anniversary
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    no restraints from now, but, hopefully the past year has taught you something, so learn from your mistakes ongoing

    your defaults and DRO marker will remain on your credit file for another 5 years (6 years from start)
  • deethebee
    deethebee Posts: 233 Forumite
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    Twubble wrote: »
    Party, party, party! I'll be doing the same next Thursday!
    Good luck with your shiny clean future.

    Yeah only problem is that it still affects your credit rating and stays on file for the next 6 years :(
  • Twubble
    Twubble Posts: 80 Forumite
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    deethebee wrote: »
    Yeah only problem is that it still affects your credit rating and stays on file for the next 6 years :(

    It's another 5 years, and I'm not worried about that too much. I'm not planning on getting in bother again, and I've already been given a Vanquis card (I didn't apply, they offered). That will be used to build up my credit rating again (very carefully!). As time passes, the DRO will have less and less effect on how people look at your report, and it will get weaker the older it becomes. My only concern is if I have to move (rent privately), but I have plenty of references covering years where I have never once been late with rent, so that will have some impact (I hope).
  • deethebee
    deethebee Posts: 233 Forumite
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    Twubble wrote: »
    It's another 5 years, and I'm not worried about that too much. I'm not planning on getting in bother again, and I've already been given a Vanquis card (I didn't apply, they offered). That will be used to build up my credit rating again (very carefully!). As time passes, the DRO will have less and less effect on how people look at your report, and it will get weaker the older it becomes. My only concern is if I have to move (rent privately), but I have plenty of references covering years where I have never once been late with rent, so that will have some impact (I hope).

    Sorry, yes, it's 6 years from when the DRO is approved isn't it? Moving and renting is one of my concerns too - I've mostly lived with family and friends so don't have much in the way of references. I've always hated the way the credit system worked. You try to be responsible by not taking out any credit and then you get a bad score, so you take out some to improve the score and have to do it over long periods of time to really have any effect and then find you can't keep up with payments and you get a really bad score than then can't be improved. It's a vicious cycle. I'm actually scared to take out any credit ever again.
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