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    Hi, so I am hoping to start my TC soon but worried whether I need to disclose to the SRA that i am in a debt management plan. I dont have an IVA's or CCJs or anything like that- never been threatened with court action. My debts were just getting on top of me so was easier for me to enter a DMP. Should I disclose this? Thanks
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    (Original post by Anonymous)
    Hi, so I am hoping to start my TC soon but worried whether I need to disclose to the SRA that i am in a debt management plan. I dont have an IVA's or CCJs or anything like that- never been threatened with court action. My debts were just getting on top of me so was easier for me to enter a DMP. Should I disclose this? Thanks
    I think you will be fine as a DMP shows you are managing your finances. Hold old is it? I misread originally and thought you had an IVA.
    Contact the SRA though as am not sure what the form asks. I think you should be fine but better verify it from them.

    5: Financial evidence

    5.1
    Unless there are exceptional circumstances we will refuse your application if:
    (a)
    there is evidence that you cannot manage your finances properly and carefully;




    https://www.sra.org.uk/solicitors/ha...5/content.page
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    • Thread Starter
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    Thank you. It began in October 2017 and i am still paying it so it's not that old.




    https://www.sra.org.uk/solicitors/ha...5/content.page[/QUOTE]
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    • Thread Starter
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    Also as a result of going into the dmp I was issued with default notices as I was paying less than agreed. Although I did agree with my creditors that they would accept a lessor amount they can still issue a default. Not sure if that will hinder me at all?
    (Original post by 999tigger)
    I think you will be fine as a DMP shows you are managing your finances. Hold old is it? I misread originally and thought you had an IVA.
    Contact the SRA though as am not sure what the form asks. I think you should be fine but better verify it from them.

    5: Financial evidence

    5.1
    Unless there are exceptional circumstances we will refuse your application if:
    (a)
    there is evidence that you cannot manage your finances properly and carefully;




    https://www.sra.org.uk/solicitors/ha...5/content.page
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    (Original post by Anonymous)
    Also as a result of going into the dmp I was issued with default notices as I was paying less than agreed. Although I did agree with my creditors that they would accept a lessor amount they can still issue a default. Not sure if that will hinder me at all?
    Have linked you what I believe are the rules.
    You can also contact the SRA helpline for guidance.
    I dont know what it says on the form to disclose.
    It could be evidence you cant control your finances, but as you will be a trainee and it isnt one of the mentioned situations then i would worry less. No idea how much you owe or the circumstances. I am only tic the partial information you are providing.

    Honesty is the best policy, but you are a lawyer, so you should be able to read the rules and apply them to yourself. Talk to the SRA. If I was in your situation I wouldnt be unduly worried.
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    • Thread Starter
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    Thank you for your advice. I did contact the sra but not very helpful they just advised I disclose it which is what i have done. My debts are around 6000. Guess I will have to wait and see now. Thanks for your help! UOTE=999tigger;76459482]Have linked you what I believe are the rules.
    You can also contact the SRA helpline for guidance.
    I dont know what it says on the form to disclose.
    It could be evidence you cant control your finances, but as you will be a trainee and it isnt one of the mentioned situations then i would worry less. No idea how much you owe or the circumstances. I am only tic the partial information you are providing.

    Honesty is the best policy, but you are a lawyer, so you should be able to read the rules and apply them to yourself. Talk to the SRA. If I was in your situation I wouldnt be unduly worried.[/QUOTE]
    • #2
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    Hi there! I am in a very similar situation to yours! Can I just ask whether you had any response from SRA yet following your disclosure? Also, I think the form for disclosure doesn’t list defaults and stuff in there only CCJ’s, bankruptcies and so on, what did you tick on the form then if you don’t mind me asking? I am just thinking of doing same, I have one defaulted student account and am repaying less by agreement, unsure how to report this. Thanks
    Posted on the TSR App. Download from Apple or Google Play
    • #2
    #2

    (Original post by Anonymous)
    Thank you for your advice. I did contact the sra but not very helpful they just advised I disclose it which is what i have done. My debts are around 6000. Guess I will have to wait and see now. Thanks for your help! UOTE=999tigger;76459482]Have linked you what I believe are the rules.
    You can also contact the SRA helpline for guidance.
    I dont know what it says on the form to disclose.
    It could be evidence you cant control your finances, but as you will be a trainee and it isnt one of the mentioned situations then i would worry less. No idea how much you owe or the circumstances. I am only tic the partial information you are providing.

    Honesty is the best policy, but you are a lawyer, so you should be able to read the rules and apply them to yourself. Talk to the SRA. If I was in your situation I wouldnt be unduly worried.
    [/QUOTE]

    Hi there! I am in a very similar situation to yours! Can I just ask whether you had any response from SRA yet following your disclosure? Also, I think the form for disclosure doesn’t list defaults and stuff in there only CCJ’s, bankruptcies and so on, what did you tick on the form then if you don’t mind me asking? I am just thinking of doing same, I have one defaulted student account and am repaying less by agreement, unsure how to report this. Thanks
    Posted on the TSR App. Download from Apple or Google Play
 
 
 
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