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IVA & DRO

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

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?
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…
Had a DRO but a very old debt has surfaced.
Hi all, very first post on here, and I'm not sure how all this is going to sound when I put it out there so please bear with me. I had a DRO that ended in August 2023. After going through all my debtors and credit files, I was pretty sure that I had everyone covered. Two of those were being dealt with by Moorcroft. One…
IVA Remortgage Request in month 68!
Hi. I am wondering where I stand on the following. We had an IVA which started in 2019 with Hanover which then got transferred to Ebenegate. At month 54, we heard nothing. Zero communication so carried on with our monthly payments. We are now in month 68 and have received an email with a letter attached stating we must now…
Legal rights
Looking for advice please my trust deed ends in July 2026 I want to claim my legal rights inheritance payment after my trust deed ends will there be legal costs I do believe I have twenty years to claim my legal rights

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IVA & DRO

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