Dro Debt Relief Order
August 24th, 2009
Question: Will a Debt Relief Order Affect me applying for student grant?
I’m in £3000 of debt. £2000 overdraft and £1000 credit card. And an currently claiming JSA, so i have no spare income to afford interest charges which are over £60 a month. I have been advised by citizens Advice Bureau to leave my current account and open a basic account elsewhere, letting the account go into default and clearing my debts by a DRO(Debt recovery order)
but i am worried that doing this this will affect me applying for a student grant or student loan. I know it will prevent me getting credit with a Bank, but will if prevent me from getting a grant?
can anyone help?
the bank i use is HSBC.
Answer: [Quote]
The debt adviser will prepare and scrutinise each case to ensure that it meets the requirements of the Debt Relief Order and, then submit it to the Official Receiver. He will then issue the Debt Relief Order, side stepping the expensive costs of the court and a judge.The order will be entered on to the Insolvency Register and credit agencies will be able to use the information for their records.
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A student may be having a bad credit tag. Still, taking a new loan for perusing collage studies is far easier for a student than a non-student having bad credit history in UK. This is because students have more options when they want to borrow money. Bad Credit Student Loans UK can be availed without many hurdles posed by the lenders if such a loan is well searched.
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Personal insolvencies soar in Britain
The number of people in Britain that went broke last year is the highest on record. The Insolvency Service said 134,000 people in England and Wales were forced, or voluntarity went, into banruptcy, went bankrupt, or applied for a debt relief order (DRO) in 2009, a 26% increase on 2008.
Rhondda Taff CAB On The One Show - Debt Relief Orders
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Tags: Debt Relief, debt_advice, debt_free, debt_relief_order, dro, Insolvency, Source News