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Pat.31
Starting Member
6 Posts |
 Posted - 19 January 2010 : 05:51:00
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The CAB told me that I cannot apply for a DRO because my works pension is classed as an asset. Is this the case?
Thankyou |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 January 2010 : 08:29:26
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Sadly yes, having a works pension is classed as an asset and therefore you would be unable to apply for a DRo and would have to go down the bankruptcy route - did they offer to help you with that?
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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Pat.31
Starting Member
6 Posts |
Posted - 19 January 2010 : 10:41:18
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Hello
Yes they have offered to help me, I was hoping that there was a less drastic approach to sorting out my debts.
Thank you
Pat
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 19 January 2010 : 12:10:38
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Sorry, the qualifying categories for a DRO are very strict, if like you there is an employment based pension an individual is not allowed to apply for a DRO as it is classed as an asset - the same goes for a property with for example £50,000 worth of negative equity it is still classed as an asset. Many people want to go down the DRO route only to find that they have to opt for bankruptcy, the disposible figure of £50 is often somewhere where the DRO option diappears, as if the disposable income is over £50 they cannot apply for a DRO...
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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jim_h
Junior Member
United Kingdom
219 Posts |
Posted - 21 January 2010 : 23:40:19
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| this is news to me cannot believe this was realize on this option |
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jim_h
Junior Member
United Kingdom
219 Posts |
Posted - 21 January 2010 : 23:44:24
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quote:
Originally posted by jim_h
this is news to me cannot believe that as would rule out most of people i know who where thinking of applying
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 22 January 2010 : 08:52:06
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I can assure you that it is correct, and many people have been unlucky to find that this is the case, as it does preclude a lot of people from the DRO option, and very unfair it is too!
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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The CAB told me that I cannot apply for a DRO
