it is easy to cancel DRO

Options
pliusas
pliusas Posts: 78 Forumite
First Anniversary First Post Combo Breaker
in IVA & DRO
I am probably very lucky, because yesterday I won £10k but I am on DRO 3 months already. Did not get money yet, seems have to wait until Monday. What I have to do? Just call and tell I need to cancel DRO? It will be easy? And probably is better to contact them when I have money in my bank acc? I am so happy now but have stress about DRO.

Comments

  • fatbelly
    fatbelly Posts: 20,616 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    Options
    Call the DRO team and then email them proof of the windfall. I hope this is genuine and not some scam.

    They will issue a notice of intention to terminate.

    Remember that you can negotiate full & final settlement deals with your creditors
  • pliusas
    pliusas Posts: 78 Forumite
    First Anniversary First Post Combo Breaker
    Options
    I hope not a scam as well :)
    Ok, but what is after they will cancel? Everything is closed now: for example I had overdraft with Lloyds that account is closed and no longer exist. Overdraft was £300. So I need to go to lloyds and offer to pay £150? or i have to pay full amunt? Or just wait and do nothing? :D Same with everything else.
  • sourcrates
    sourcrates Posts: 28,947 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 13 September 2019 at 2:52PM
    Options
    Your position would return to the point you were at before the DRO was granted, the debts do still exist, so you would still be liable for the full amount of each outstanding debt, plus interest and costs accrued since the DRO was granted.

    How did you win this 10k ?

    Will it pay off your debts in full or not ?


    As Fatbelly says above, you can negoatiate deals with your creditors, as long as its done correctly, i suggest should you reach that point, you come back and ask for further advice.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • pliusas
    pliusas Posts: 78 Forumite
    First Anniversary First Post Combo Breaker
    Options
    No, wont pay debts, debts are around £19k.
    Try to look how to make an final offer, otherwise I wont accept money. Brother say it is no point to revoke DRO, accept money and after pay half debt to be without money and DRO. I am confused now again.
  • sourcrates
    sourcrates Posts: 28,947 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Options
    You can`t do what your brother suggests with regard to the debts, how did you win this money ?
    Can you not let someone else claim it, your brother, or other family member and just let your DRO continue ?

    The DRO unit only know what you tell them, was it a lottery scratchcard ? loto win ? horses ? can you elaborate a bit more at all.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • pliusas
    pliusas Posts: 78 Forumite
    First Anniversary First Post Combo Breaker
    Options
    Sorry forgot to tell it is online casino winnings from promotion (free spins, but you can keep winning after wagered many times). I did speak with casino already and the only way to get money is in to my paypal or bank card.

    When I applied for DRO I get really small amount of money and I agreed to live on £300 (so max £349/month) but these money are not enough now, I just didnt realised how can be expensive school trips and similar things. During this time I am on DRO I had to borrow money from mum (needed teeth implant) and friends etc. Now I get this opportunity, I can get spare cash and pay some debts, thinking to make some final offer.
    I want to start some better jobs as well, but it is only temporary, pay probably will be around 500-600 (which is much more than agreed £300) but probably will be around 2-4 months max only, but oh well, I need money now. When I get job offer I was going to decline, because there is no guarantee how long it will takes, but if I will take winning and take that job+pay at least 1/3 debts, probably I can do DMP for the rest of them?
    Just in one moment I was very happy, but now I am not sure. There is no point to take money, pay half debts and try to pay rest with £500/month :D But do not take money would be stupid, because I need them.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.7K Work, Benefits & Business
  • 608.6K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards