Business & Finance2 mins ago
Dro Advice
1 Answers
Hi
Long story short I'm in alot of debt, I qualify for a DRO which I plan to apply for in March - or sooner if I can get money together.
I'm due a large back payment from Universal Credit and had planned to pay my mum back a personal loan she made to me (before the DRO was considered) and clearing one of my debts but now I'm concerned if this is breaking the rules?
Any advice please
Long story short I'm in alot of debt, I qualify for a DRO which I plan to apply for in March - or sooner if I can get money together.
I'm due a large back payment from Universal Credit and had planned to pay my mum back a personal loan she made to me (before the DRO was considered) and clearing one of my debts but now I'm concerned if this is breaking the rules?
Any advice please
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.As you have not yet applied for the DRO the following will apply
You must tell your DRO adviser if in the last 2 years you’ve:
given away assets sold assets for less than their value, for example if you sold a car worth £2,000 to a friend for £200
**prioritised paying back one creditor over others, for example if you paid off a debt you owed to a relative and didn't pay your other creditors**
Your DRO application might be refused if any of these apply to you. They'll look at the facts of your case before making a final decision.
You must tell your DRO adviser if in the last 2 years you’ve:
given away assets sold assets for less than their value, for example if you sold a car worth £2,000 to a friend for £200
**prioritised paying back one creditor over others, for example if you paid off a debt you owed to a relative and didn't pay your other creditors**
Your DRO application might be refused if any of these apply to you. They'll look at the facts of your case before making a final decision.