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| bluejoyce |
Posted - 11 January 2010 : 21:28:33
Hi If i apply for a debt relief order can any of my creditors come back to me for money after a year, as im given to understand that it lasts for a year i have looked payplan as suggested by you it looks on there forum that they expect you to pay something to the creditors which i an not in a postion to due i would be gratefull for your advice thanks |
| 2 L A T E S T R E P L I E S (Newest First) |
| Melanie.n |
Posted - 12 January 2010 : 09:14:35
A Debt Relief Order which came into play April 2009 is for those who have debts under £15k with no assets (ie renting, as for this purpose even negative equity on a home will count as an asset) and a disposible Income of under £50.
The DRO has the same implications/effect of the Bankruptcy Order and the duration 1 year after which you are debt free.
The only difficulty would arise with regard to the DRO would be if your circumstances changed within the year such as an increase in available disposibile income (following employment/change of job)which may negate the order and as such you would have to apply for bankruptcy. If things stay the same at the end of the period you would be debt free.
Contrary to the earlier post it does not give you respite for the year, after which you may have to go doen the bankruptcy route - the DRO is an alternative to bankruptcy for the smaller debt
Hope this clarifies matters Melanie.n
Melanie Nicholas
29 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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| Blackie |
Posted - 12 January 2010 : 08:20:46
Good morning Blue Joyce and welcome.
The Debt Relief Order may be your best bet but one of the things that you should consider is what your circumstances will be in one years time. The DRO will give you relief from your creditors for one year. If, after one year, you are in a better position than you are today, you would be expected to make some sort of repayment towards your creditors or enter into some arrangement even bankruptcy. If you can prove, however, that you are in no better position, or worse, your debts will be written off.
All the best
John Blackadder |
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