Couple dro £40K?

Options
AG47
AG47 Posts: 1,618 Forumite
in IVA & DRO
Can a couple a husband and wife both do a dro each together at the same time, so £20k each, but individually
Nothing has been fixed since 2008, it was just pushed into the future

Comments

  • debtdepressed
    debtdepressed Posts: 35 Forumite
    Options
    I believe so, as long as each individual debt is less than 20k and you meet other criteria.
    Good luck.
  • AG47
    AG47 Posts: 1,618 Forumite
    Options
    debtdepressed wrote: »
    I believe so, as long as each individual debt is less than 20k and you meet other criteria.
    Good luck.

    Is there any problems if they share bank accounts, and all income and expenses are shared?
    Nothing has been fixed since 2008, it was just pushed into the future
  • fatbelly
    fatbelly Posts: 20,570 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    Options
    AG47 wrote: »
    Can a couple a husband and wife both do a dro each together at the same time, so £20k each, but individually

    Yes, or not necessarily at the same time, up to 20k each.
    AG47 wrote: »
    Is there any problems if they share bank accounts, and all income and expenses are shared?

    No probs, that's the usual scenario.

    The thing to watch out for is that each party is fully liable for joint debts, so if you each had 10 k of your own debts and 15k of joint debts, you would each be liable for 25k and so not qualify.

    There are sometimes little tricks (legal ones) that can get you under 20k so post more detail if that's an issue.
  • AG47
    AG47 Posts: 1,618 Forumite
    Options
    fatbelly wrote: »
    Yes, or not necessarily at the same time, up to 20k each.



    No probs, that's the usual scenario.

    The thing to watch out for is that each party is fully liable for joint debts, so if you each had 10 k of your own debts and 15k of joint debts, you would each be liable for 25k and so not qualify.

    There are sometimes little tricks (legal ones) that can get you under 20k so post more detail if that's an issue.


    Only a few thousand each, not even £20k combined, but each credit cards are individual

    But the same bank statements from joint account, and same bills living expenses etc. Everything else will be the same in the application for dro
    Nothing has been fixed since 2008, it was just pushed into the future
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.4K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.8K Spending & Discounts
  • 235.5K Work, Benefits & Business
  • 608.4K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards