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IVA & DRO

Discussions here cover two debt management solutions - Individual Voluntary Arrangements (IVA) or Debt Relief Orders (DRO).

Debt Relief Orders (DRO) - Information & help thread
Info from Government website : https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order National Debtline: https://www.nationaldebtline.org/EW/factsheets/Pages/37%20EW%20Debt%20relief%20orders%20%28DROs%29/Default.aspx
Individual Voluntary Arrangement (IVA) & Debt Relief Order (DRO) Info, advice and help thread.
Updated 21/05/2023 DRO (Debt relief Order). There is info on the net and in the link provided below, but these are the main practical features - (1) Total debt must be no more than 30k (2) Must not be a homeowner (not even with neg equity) (3) Asset limit is now £2000 as well as a vehicle valued at up to £2000. (4) Monthly…
IVA & DRO Board Sticky
Hi folks :) This is the new IVA & DRO Board Sticky where links to all current important threads will be kept. Links: Debt Relief Orders (DRO) - Information & help thread IMPORTANT READ FIRST - Where to seek IMPARTIAL FREE advice DRO s and benefit overpayments IMPORTANT - Beware of advice via PM
IVA repayment
I finished paying off my IVA almost 15 years ago and today I received a letter from a company called Debt Movement who says that after they acquired the IVAs of Aperture Debt Solutions in September 2020 they've found that I'm owed money on my closed IVA. They have stated that I don't owe them any money and to give them a…
How important is it that accounts are classed as *closed* on credit report?
Hello. I am nearly 5 years into a 6 year IVA (due to home equity) and have recently started a preemptive credit file clean up. I understand that having each debt recorded as a default and the default date on or before the IVA date is crucial, but what nobody seems to mention is whether or not the debt should be classed as…
Failing IVA - process/approach
Hi there, My IVA is going to fail, as I am not going to make further payments towards it. I have post-IVA debt and bankruptcy is going to happen sooner or later, probably sooner. Anyway - my main point - my IVA company gave me a 6-month payment break to try and solve the post-IVA debt issues (HMRC...) and this hasn't…
Mortgage after a DRO
Hi, how likely is it you can get a mortgage after a DRO? I am hoping to get a mortgage for shared ownership after my DRO finishes in August, what are the chances? Any deposit would be low but I have a clear record of rent payments in time. Any advice appreciated
Advice please
Hi my partner is nearly 4 year into his Iva he has a car on finance however after spending money on repairs 3 week ago it has now failed the mot and is going to cost too much to repair he finishes paying for the car in august so will the Iva take the full £177 he was paying for the finance from august? Also is it ok for me…
Getting credit again after finishing IVA
Afternoon all, I'm in discussions with my I.P regarding a full and final settlement. Has anyone got any experience with how soon you were able to get credit for a vehicle after ending your IVA either early or on time as planned?
Irresponsible lending claim after DRO
I went through a DRO in 2020 and was discharged from this in 2021. I’ve recently had an irresponsible lending claim go through the ombudsman who had agreed the lending was irresponsible. I have used a no win no fee company.However I’m worried that any redress will go to the DRO/Aqua and not myself. In this instance I would…
DRO & Opening Child Account
Hi🙂 I currently have a debt relief order, due to be discharged in September 2025. My question is it’s my daughter’s birthday soon and I would like to open up a bank account to put money in from family members etc. Is this something I am able to do whilst having a DRO or is it best to wait until I have been discharged?
DRO advice
I had a DRO approved end of February. I'm on benefits, standard 400 quid, no other income, no assets besides my broken phone and trying to get more money to survive. I currently live with my parent. When I did the DRO I had no income and no real hope of getting a job due to MH issues, breakdown. The issues are completing…
DRO What am I missing?
Hi I've been looking into getting a DRO, my debts are just under £50k and i'm left with almost nothing each month so paying debt with debt. From what I can see the DRO means no payments to creditors for 12 months. If I don't pay them then all those monthly payments will mean I have an amount of disposable income. What…
DRO 15 months ago defaults still being registered
Hi, I had a DRO approved in January 2024. Completed January 2025. One of my debts was a nationwide credit card. They have registered a default on my credit history every single month since the DRO was registered including this month (15 months later) I have called nationwide who have advised they keep your account open for…
Nearly finished IVA
In 2018 I entered an IVA with Stepchange. It will finish in December, and my experience has been positive. I have no desire ever again to enter into masses of credit, but due to breakdown of my current relationship, I’m looking ahead to being maybe able to rent somewhere in 2025. Looking at my credit file, all my debts are…
What happens when you go ahead with a DRO?
Hi everyone I had a few questions regarding a DRO. My situation is that my partner is moving out due to relationship breakdown. So that means the rent will fall on me (when we were together he would help with bills). I spoke to National Debtline and I qualify for a DRO. Anyways I’ve got two credit cards and 3-5 loans. In…
Debt Relief Order, insolvency team @ lloyds and debt collectors
I am in a debt relief order since November 2024 with Money Wellness. I am on the insolvency register. I have a DRO number. Money Wellness are impossible to get hold of and have not contacted Lloyds - or they have, and Lloyds have ignored it. I had a phone call today from a debt collector about an account that defaulted in…
DRO Qs
I've had a DRO before, more than 6 years ago. I work freelance on top of full time hours, but if I stop, which I would love to do, I'm eligible for a DRO, which will include tax debt from freelancing. 1. If I wanted to work freelance during my DRO year (I don't, I've done 3 years of more than full time hours and I'm really…
Overpaying by thousands on IVA?
Hi all, I need help understanding my options with my IVA. I took out an IVA with creditfix in July 2020 (my IVA then moved to Ebensgate months later) my debt total £13,248, I had no assets to my name. My monthly wage at the time was £1600. I agreed to pay back £90 per month over 5 years = £5400 total. My circumstances have…
Help Before A DRO
Hello After years of financial struggles I have decided to apply for a DRO however I have a few questions on what I should do before applying given my current circumstances. First of all I have not yet spoken to anybody regarding applying for the DRO but given the criteria I should qualify and be accepted for it, I don't…
Moved: Getting the best debt solution company
This discussion has been moved.
Stepchange IVA and finance
Hi all. I am in my 7th and final year of my IVA. I know the rules state that you have to get permission before borrowing more than £500 for credit cards, overdrafts, and loans, but would getting finance for £540 to purchase a new TV also included in that rule?
Vulture Fund Mamagers/Overseas Mortgage debt
Hi, My wife and I moved to Cyprus in 2008. Having rented for nearly a year, we decided to buy an apartment and moved in to it on 2009. We were both working full time permanent jobs. We put down in the region of £35K. Equity from the house we sold prior to moving. Then literally months after taking out the mortgage with…

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IVA & DRO

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