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    • debtdepressed
    • By debtdepressed 27th Jul 17, 11:33 AM
    • 35 Posts
    • 6 Thanks
    debtdepressed
    Can they not chase it up? let us know how u get on, daunting isnt it, sure you will be fine x
    • Missmoo1987
    • By Missmoo1987 27th Jul 17, 1:15 PM
    • 4 Posts
    • 0 Thanks
    Missmoo1987
    They just told me when they know they will try to contact me? They didn't have any other advice for me :-/
    • Stuckinarut2017
    • By Stuckinarut2017 30th Jul 17, 9:51 PM
    • 5 Posts
    • 1 Thanks
    Stuckinarut2017
    Hi guys

    Have found myself in a very difficult and stressful time of my life recently. I have been suffering from a gambling addiction and depression which spiralled out of control the past few months.

    It has left me in a very bad state of mental health and around £11k in debt, almost all due to gambling.

    I cant afford the various monthly payments anymore on loans, payday loans, credit cards etc after my general living expenses and have missed payments.

    My debts are
    £7500 natwest loan
    Overdraft £1000
    Credit cards £1000
    Payday loans £1000

    I went through the process on the stepchange website, which at the end recommend DRO as the best option for my circumstances as i had around £45 surplus income left on my low income.

    At first glance i do meet the requirements.
    Debt under £20k, no car, no assets over £1000 etc.

    My concerns are that do you think the dro agency or natwest themselves are likely to reject due to the history of my gambling and that the loans were very recently took out. (2-3 months ago)

    Also what kind of proof if any is needed on your monthly expenditure? I tried to be as accurate and honest as possible. I normally pay board/rent etc to my parents in cash. Is this likely a problem.

    Thanks for any advice
    • fatbelly
    • By fatbelly 31st Jul 17, 7:14 AM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    It's possible you would get a DRRO (restriction order) but it's unlikely.

    Most applications just sail through.
    • sourcrates
    • By sourcrates 31st Jul 17, 11:13 AM
    • 14,543 Posts
    • 13,700 Thanks
    sourcrates

    Also what kind of proof if any is needed on your monthly expenditure? I tried to be as accurate and honest as possible. I normally pay board/rent etc to my parents in cash. Is this likely a problem.

    Thanks for any advice
    Originally posted by Stuckinarut2017
    I dont think you have to supply bank statements, but your intermediary will ask to see pay slips to confirm your income, however, you do not need any proof of how that income is distributed or to whom, they just take your word for it basically.

    So all you need to have proof of is your initial income from whatever source that may be.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Stuckinarut2017
    • By Stuckinarut2017 2nd Aug 17, 7:28 PM
    • 5 Posts
    • 1 Thanks
    Stuckinarut2017
    Great, thanks guys.

    Currently waiting for my dro application pack to come through the post

    Any ideas on cirrent timescales of the process with stepchange?

    Thanks again
    • debtdepressed
    • By debtdepressed 2nd Aug 17, 8:08 PM
    • 35 Posts
    • 6 Thanks
    debtdepressed
    Hi

    stepchange advised me about 8 days there current waiting times. This was around 3 weeks ago.

    good luck with your application.
    • Confuzzledhelp
    • By Confuzzledhelp 10th Aug 17, 11:09 PM
    • 2 Posts
    • 0 Thanks
    Confuzzledhelp
    Hi all,

    Hoping you can help! Spoke to CAB but no one seems to know the answer. I'm self employed as well and employed. My question is, how will a DRO affect my self employment? It is not a LTD company, and I am in partnership. Can I still run my business as usual? The debt I have is personal btw, nothing to do with the business.

    Thanks!
    • fatbelly
    • By fatbelly 11th Aug 17, 9:14 AM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    Hi all,

    Hoping you can help! Spoke to CAB but no one seems to know the answer. I'm self employed as well and employed. My question is, how will a DRO affect my self employment? It is not a LTD company, and I am in partnership. Can I still run my business as usual? The debt I have is personal btw, nothing to do with the business.

    Thanks!
    Originally posted by Confuzzledhelp
    I don't know why the CAB found that so difficult.

    It won't affect you, except that it will put a mark on your credit file and you may find getting credit more difficult - but then you probably had defaults on file anyway.

    Full list of restrictions (from the CAB site)

    Debtors who have had their DRO application approved will be subject to the same restrictions as bankrupts. The main restrictions are as follows:
    !!!61623;
    • The debtor must not obtain credit of £500 or more, either alone or jointly with another person, without disclosing to the lender that they are subject to a DRO. This restriction applies not only to the borrowing of money, but also to the obtaining of credit as a result of a statement or conduct made with the objective of securing credit, even though the debtor has not entered into a specific agreement for it. This would include, for example, ordering goods without requesting credit but then failing to pay for the goods when they are delivered
    • !!!61623; The debtor may not carry on a business (directly or indirectly) in a name that is different from the name under which they were granted a DRO, without telling all those with whom the debtor does business the name under which they were granted a DRO
    • !!!61623; The debtor may not be involved (directly or indirectly) with the promotion, management or formation of a limited company, and may not act as a company director, without the Courtís permission
    • !!!61623; The debtor may not hold certain public offices4, or hold offices as a trustee of a charity or a pension fund
    • !!!61623; The debtor will not be eligible to apply for a DRO again for six years
    • Flyright
    • By Flyright 11th Aug 17, 2:02 PM
    • 330 Posts
    • 184 Thanks
    Flyright
    Doesn't a DRO have the effect of severing a partnership though?
    • fatbelly
    • By fatbelly 11th Aug 17, 8:29 PM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    Doesn't a DRO have the effect of severing a partnership though?
    Originally posted by Flyright
    How would it do that?
    • sourcrates
    • By sourcrates 11th Aug 17, 8:38 PM
    • 14,543 Posts
    • 13,700 Thanks
    sourcrates
    How would it do that?
    Originally posted by fatbelly
    Think he means business partnership possibly ?
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 11th Aug 17, 8:57 PM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    A DRO is for personal debts and confuzzled says the debts are personal, not business.

    If any of the debts are joint, then the liability transfers to the other party, but the way I read it they were his personal debts.

    I'm not aware of any mechanism by which a DRO would affect a partnership business - presumably there would be something in the Insolvency Act?
    • Pattie94
    • By Pattie94 14th Aug 17, 7:20 PM
    • 25 Posts
    • 3 Thanks
    Pattie94
    Hi, I have my barcode ready and will be making the payment tomorrow and seeing cab on Friday to get the application submitted. My question is, I just realised that I might owe some money to my previose employer as I had some underhours before my maternity leave and I never returned to work. They haven't let me know officially if I owe anything and I am not sure when I will find out. What will happen if the company ask me for money back once Iam on DRO? Thank you.
    • fatbelly
    • By fatbelly 14th Aug 17, 8:28 PM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    Hi, I have my barcode ready and will be making the payment tomorrow and seeing cab on Friday to get the application submitted. My question is, I just realised that I might owe some money to my previose employer as I had some underhours before my maternity leave and I never returned to work. They haven't let me know officially if I owe anything and I am not sure when I will find out. What will happen if the company ask me for money back once Iam on DRO? Thank you.
    Originally posted by Pattie94
    It won't have any effect on the DRO, nor will the DRO have on it.

    However, unless it is essential that you do your DRO immediately, why not wait until you know what the debt is and put it in.
    • Pattie94
    • By Pattie94 14th Aug 17, 9:14 PM
    • 25 Posts
    • 3 Thanks
    Pattie94
    Thank you. Is it still ok to wait even if I have the barcode?
    • fatbelly
    • By fatbelly 15th Aug 17, 5:53 AM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    Thank you. Is it still ok to wait even if I have the barcode?
    Originally posted by Pattie94
    I believe the barcoded letter under DRO2 says you should complete your payments within 6 months.

    They also said this under DRO1, but never applied it, and eventually removed the wording.

    But if your intermediary submits the application then it fails if payment isn't completed in 10 days.
    • Amy13
    • By Amy13 1st Sep 17, 9:21 AM
    • 41 Posts
    • 18 Thanks
    Amy13
    Hi guys, I'm thinking about applying for a DRO but have some questions/queries before I speak to a professional.

    1 -
    I successfully completed an IVA on 28th October 2011 (almost 6 years ago) and still have the paperwork to confirm this and am wanting to know if I can apply for a Debt Relief Order now.
    The information I've seen online seems confusing... you can't apply for DRO if you have had one in the past 6 years or are currently in an IVA/Bankruptcy but what about an IVA in the past 6 years???
    Would I need to wait for the 6 year mark before I can continue will an application? Also, I am aware that yes, I was in debt, sorted my life out and then got back into debt so I do feel embarrassed and ashamed but I am not in as much debt as I was before the IVA and would really like a fresh start to put this behind me once and for all.

    2 -
    I have read that you are not contacted when the 12 months has finished. Do they contact you to find out if your circumstances have changed and ask if you can pay towards the debts? I work full time and will receive an annual pay rise (won't be much though!) plus the tax code changes in April so will be paying a little less tax then. I would hate to go through 12 months of not paying creditors and for interest and charges to be added and for the DRO to fail after 12 months. Also, do you get a Certificate of Completion which you can show to creditors if they demand money after 12 months?

    3 -
    I have 2 Creditors which are Barclaycard and Vanquis, Credit Card debt. I owe £8300 in total. I am up to date on payments, have just paid my minimum payment on both accounts. Every month I have paid the minimum and the amount gets added back in interest so the debt is not going down in any way. I have spent credit on both accounts after making payments and when the interest has been added this has taking me over the credit limit. Would my application be affected if I have spent credit on these accounts and at what stage would I stop making the minimum payments? I am wanting to keep phone calls/letters/visits from my creditors to a minimum. After receiving a letter from Vanquis this week about going over my credit limit and if I didn't pay this amount immediately then I could be asked to pay the balance in full has scared me but also given me a push to sort all of this out.

    4 -

    I do not own property. I live with my parents and they do own the house. Would they be affected in any way? I pay them 'Board' every month and this is a big chunk of my wage as they are now both retired.
    I used the online calculator on Step Change and a DRO was one of the options given as when I put all figures in my Surplus Income came to less than £50. I also have no assets apart from a laptop and phone but nothing else.

    5 -

    How quickly does the process of applying for a DRO and being accepted take? Applying for an IVA was a harrowing experience and took almost a year (I did initially go to a unscrupulous company).I have paid my minimum payments on my accounts this month and would be unlikely to be able to pay the £90 fee until next months wage so should I wait until I have the £90?

    6 -

    The only negative of a DRO for me would be that I would be on the Insolvency Register again but I was on it for nearly 6 years so what is another 15 months hey? Can anyone confirm that there are no ads in local papers for DRO's?
    • sourcrates
    • By sourcrates 1st Sep 17, 2:32 PM
    • 14,543 Posts
    • 13,700 Thanks
    sourcrates
    Hi guys, I'm thinking about applying for a DRO but have some questions/queries before I speak to a professional.

    1 -
    I successfully completed an IVA on 28th October 2011 (almost 6 years ago) and still have the paperwork to confirm this and am wanting to know if I can apply for a Debt Relief Order now.
    The information I've seen online seems confusing... you can't apply for DRO if you have had one in the past 6 years or are currently in an IVA/Bankruptcy but what about an IVA in the past 6 years???
    Would I need to wait for the 6 year mark before I can continue will an application? Also, I am aware that yes, I was in debt, sorted my life out and then got back into debt so I do feel embarrassed and ashamed but I am not in as much debt as I was before the IVA and would really like a fresh start to put this behind me once and for all.

    2 -
    I have read that you are not contacted when the 12 months has finished. Do they contact you to find out if your circumstances have changed and ask if you can pay towards the debts? I work full time and will receive an annual pay rise (won't be much though!) plus the tax code changes in April so will be paying a little less tax then. I would hate to go through 12 months of not paying creditors and for interest and charges to be added and for the DRO to fail after 12 months. Also, do you get a Certificate of Completion which you can show to creditors if they demand money after 12 months?

    3 -
    I have 2 Creditors which are Barclaycard and Vanquis, Credit Card debt. I owe £8300 in total. I am up to date on payments, have just paid my minimum payment on both accounts. Every month I have paid the minimum and the amount gets added back in interest so the debt is not going down in any way. I have spent credit on both accounts after making payments and when the interest has been added this has taking me over the credit limit. Would my application be affected if I have spent credit on these accounts and at what stage would I stop making the minimum payments? I am wanting to keep phone calls/letters/visits from my creditors to a minimum. After receiving a letter from Vanquis this week about going over my credit limit and if I didn't pay this amount immediately then I could be asked to pay the balance in full has scared me but also given me a push to sort all of this out.

    4 -

    I do not own property. I live with my parents and they do own the house. Would they be affected in any way? I pay them 'Board' every month and this is a big chunk of my wage as they are now both retired.
    I used the online calculator on Step Change and a DRO was one of the options given as when I put all figures in my Surplus Income came to less than £50. I also have no assets apart from a laptop and phone but nothing else.

    5 -

    How quickly does the process of applying for a DRO and being accepted take? Applying for an IVA was a harrowing experience and took almost a year (I did initially go to a unscrupulous company).I have paid my minimum payments on my accounts this month and would be unlikely to be able to pay the £90 fee until next months wage so should I wait until I have the £90?

    6 -

    The only negative of a DRO for me would be that I would be on the Insolvency Register again but I was on it for nearly 6 years so what is another 15 months hey? Can anyone confirm that there are no ads in local papers for DRO's?
    Originally posted by Amy13
    Replied on your other thread.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • fatbelly
    • By fatbelly 1st Sep 17, 6:28 PM
    • 12,440 Posts
    • 9,488 Thanks
    fatbelly
    Amy

    1. You cannot be in two different insolvency solutions at the same time but if yur IVA is completed/terminated then you are free to enter a DRO

    2. After 12 months your debts are written off; there is no certificate issued. The only debts that can be pursued after the moratorium are fraudulent debts.

    3. If you're doing a DRO, stop paying all the creditors. You need to treat them all equally and the best way to do that is to pay them all nothing.

    4. Your parents would not be affected

    5. Start the ball rolling now. The limiting factors for your intermediary are getting the Experian report and you paying the £90. A month or two is typical.

    6. There are no ads in local papers but if you are a national celebrity the gutter press may spot you on the Insolvency Register.
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