DRO Order

[0403jo]

Hi, last yr Oct I had a DRO made as I was unabe to pay my creditiors, I have reccently got married, and my Husband now wants us to have joint bank accounts, and to put my name on house deeds, I have been putting this off as im worried about past creditors, can past creditiors, persue me, and/or my husband for any monies that I owed? Any advice much apperciated. x

[Caspar]

Re: DRO Order

I have to say I would play safe and keep things separate until your DRO is finished.

However, in answer to the question asked, I believe debts that are in your name stay in your name, but I would be extremely wary of adding your name to the house deeds at the moment, as that could then possibly be considered a joint asset which would obviously massively affect your ability to repay your debts should the house be sold.

For the sake of a short time, I would wait!

[teaboy2]

Re: DRO Order

I agree with Casper.

Since your DRO is not yet finished, adding your name to any accounts or property deeds, would likely lead to the creditors finding you (in the event you owe to others not part of the DRO) and lead to creditors trying to get their hands on your property.

Though their is nothing stopping you from adding your name to the property deeds or setting up a joint account in future, once the DRO is finished, just watch out for any creditors chasing debts that have not yet be come statute barred, that were not part of the DRO. For information purposes a statute barred debts is a debt that has had no repayments or other form of acknowledgment of the debt made to it for 6 years (5 if your in scotland) and once a debt is statute barred it can not be legally enforced, and it is deemd unfair to chase payment of a debt that is statute barred to. So most creditors have no choice but to write of statute barred debts.

[0403jo]

Re: DRO Order

Hiya, thanks Casper, and thankyou Teaboy, I am planning to wait until me DRO order is up before I do anything, but im still v.worried about past creditors trying to take anything that doesnt belong to me, my husband just wants to make everything ok for me if anything should happen to him as we have a 16 month old daughter. Im the one who is putting off us having a joint b/account or my name going on anything that could be classed as an asset, as I dont want anything to be taken from him. Sorry but please could you put in laymans terms what you mean, by your replys, after my DRO is up can any creditors stake a claim if we have joint bank account ect, ect. J x

[Caspar]

Re: DRO Order

I think what Teaboy is saying is are there any debts outstanding that you forgot to put into the DRO?

If there are, as they will not be written off by the DRO creditors could still chase you for them. If there are none of these you have no need to worry.

If there are debts left that you forgot to put into the DRO after 6 years without payment or any acknowledgement, then it becomes Statute Barred which is explained pretty clearly above.

[0403jo]

Re: DRO Order

Ahh right, I understand, I didnt know it still stood, that creditors couldnt chase you for debts over 6 yrs old, as some of the debts on DRO were well over 6 yrs old. I havnt had any debt for well over 10 yrs so do you think it will be safe for me to let my husband put my name on deeds, ect, just that someone told me, creditors can stiil chase you even after DRO order. Regards Jo

[Caspar]

Re: DRO Order

As long as there are no debts to bodies funded through public monies, you should be OK.