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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
Cancel iva and pay creditors direct?
Hi all... New to the forum Oh well, here goes Homeowner with decent equity(50%) 4 kids under 18 when I entered. 24k debts with 2 resulting in ccjs about 5 years ago Spoke to a debt company (can't remember who now) who after looking at my situation advised that an iva was the best option. 24k debts 44 months into a 72month…
Creditor Sold My Debt
Hi everyone, I’m looking for some advice. I was in an Individual Voluntary Arrangement (IVA) when I found out that Livelend sold my debt to another company. This really surprised me because I thought that once you’re in an IVA, creditors aren’t supposed to take further action like selling the debt on. Has anyone else had…
Lifetime of IVA
Anyone got experience of an IVA lasting 15 years? We had one in place 2008-2010. The courts completed it then. I have had a SO to a creditor since then. They had never contacted me to update in all that time. I stopped the SO and got a phone call to ask why. They want to update the payment plan. As I am now 70, disabled…
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…
Applying for DRO - declarations
What needs to be declared when applying for a DRO besides the debts? I would need to show my bank accounts and details, but what else would they ask for? I have a paypal account. This is not paypal credit or any part of my debt. I have £100 in my paypal balance Would they need to see anything like this paypal account?
Regretting taking an IVA
Hi just looking for some advice, I took out an Iva 8 months ago and I’m really regretting doing it as I didn’t understand how these things worked. I feel I was a little mislead and nothing was explained to me correctly. I understand it will be my fault for not reading all the small print and understanding how much the fees…
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…
Paying off iva
I’m in a fortunate circumstance where I’ve been offered money from a family member to pay off my Iva in full. I have only been in it for a few months and I owe £11,250. does anyone have any experience if the creditors will accept an offer or should I pay the full amount?
DRO pre application worry.
Hi, step change have recommended a DRO for 45k of mainly Ccard debt. i have an overdraft in a joint account, what should I do about this. How are mobile and device (in contract) handled, step change left it in my budget.? Also this is the first month my Ccards have come off 0% and I’ve never missed a payment (switching and…
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…
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…

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IVA & DRO

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