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  • #16
    Re: DRO on the horizon

    With a DRO, you can only have a very limited surplus after paying bills. IIRC is £50 a week. Obviously any settlement will increase that amount, and this will have to be handed over to your creditors as part of the DRO.

    Thats my understanding, it may not be 100% correct, but its prettly close.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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    • #17
      Re: DRO on the horizon

      Now wouldn't that just be the worst case scenario. You get a payout and your DRO takes it all.However is there a possibility that you could get enough to make full and finals. Of course if it were me i would take it all out as cash and "spend" it. Then go for the DRO.
      You mentioned bank accounts earlier,well for BR there are only really two options,a coop cashminder account and a barclays basic but that has to be opened after BR. I am guessing it is similar with a DRO.
      Last edited by jon1965; 2 August 2012, 11:33.

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      • #18
        Re: DRO on the horizon

        Originally posted by oscar View Post
        With a DRO, you can only have a very limited surplus after paying bills. IIRC is £50 a week. Obviously any settlement will increase that amount, and this will have to be handed over to your creditors as part of the DRO.

        Thats my understanding, it may not be 100% correct, but its prettly close.
        Nothing is claimed under a DRO.

        If you acquire an asset which means you no longer meet the DRO criteria, then the usual outcome would simply be the DRO being revoked.
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #19
          Re: DRO on the horizon

          Originally posted by jon1965 View Post
          Of course if it were me i would take it all out as cash and "spend" it. Then go for the DRO.
          Then even if the DRO was granted, you would most likely end up with a DRRO/U for quite some years. Not a great idea.

          http://www.bis.gov.uk/insolvency/per...vency/dro-drro
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #20
            Re: DRO on the horizon

            Originally posted by rizzle View Post
            Nothing is claimed under a DRO.

            If you acquire an asset which means you no longer meet the DRO criteria, then the usual outcome would simply be the DRO being revoked.
            Thanks Rizzle this is reassuring to know either way
            I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

            Life is full of Ups and Downs. Shame it just aint simple.

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            • #21
              Re: DRO on the horizon

              Originally posted by rizzle View Post
              Then even if the DRO was granted, you would most likely end up with a DRRO/U for quite some years. Not a great idea.

              http://www.bis.gov.uk/insolvency/per...vency/dro-drro
              I've read your link and the restrictions can last for up to 15 years
              I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

              I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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              • #22
                Re: DRO on the horizon

                Yes. Very similar to the ones in bankruptcy, which can also go up to 15 years.

                Most are just a few years in single figures though. You would really have to go some to misbehave enough to get 15.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                • #23
                  Re: DRO on the horizon

                  Also the other thing thats been running thru my mind atm is that i dont know whats happening in regards to my granddads estate, i am under thought that everything just gets passed to my gran until she passes.

                  I cant see them not having a will as my granddad had been ill for some time and they have always been really really good with money.

                  I know my granddad did well with stocks and shares but i dont have a clue as to the extent.

                  Could thay have had a joint will????


                  I'm totally new to all of this you see.
                  I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

                  Life is full of Ups and Downs. Shame it just aint simple.

                  Comment


                  • #24
                    Re: DRO on the horizon

                    Originally posted by rizzle View Post
                    Nothing is claimed under a DRO.

                    If you acquire an asset which means you no longer meet the DRO criteria, then the usual outcome would simply be the DRO being revoked.
                    Fair enough - as I said it was my understanding that the restrictions (some not all) were similar to bankruptcy (as you have posted above)

                    Didnt realise it brought about the failure of the DRO and basically put you back to square one as such.
                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                    • #25
                      Re: DRO on the horizon

                      Originally posted by rizzle View Post
                      You would really have to go some to misbehave enough to get 15.
                      Kinda like craig whyte, ex rangers owner! (borrow £25m with no means of repayment)! pmsl
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                      • #26
                        Re: DRO on the horizon

                        Like this http://www.debtmanagementtoday.co.uk..._after_9m_loss
                        I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

                        Life is full of Ups and Downs. Shame it just aint simple.

                        Comment


                        • #27
                          Re: DRO on the horizon

                          Originally posted by kilasuit View Post
                          Also the other thing thats been running thru my mind atm is that i dont know whats happening in regards to my granddads estate, i am under thought that everything just gets passed to my gran until she passes.

                          I cant see them not having a will as my granddad had been ill for some time and they have always been really really good with money.

                          I know my granddad did well with stocks and shares but i dont have a clue as to the extent.

                          Could thay have had a joint will????


                          I'm totally new to all of this you see.
                          Kila even if he left no will the first 350K (I think) goes straight to the spouse . There are strict laws about this. Someone posted a link to it on my thread Vals estate I think this is it Directgov - Government, citizens and rights.
                          If your grandad was as savvy as he sounds it is likely he will have made a will to minimise any tax liabilities

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