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IVA & DRO

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

Creditors meeting 5th Jan
Hello all, Been watching this forum for some time now and finally ready to post about it. I have been struggling with debt for a while and actually came to the realisation this year mainly sped up by COVID and furlough situations etc. Anyway I have been dealing with Stepchange and they have been amazing. I can’t thank them…
Re mortgage during iva for full and final offer
Hi I've been thinking about trying to end IVA early by remortgaging. I have equity in my property and would need to attempt this anyway towards the end. I am paying £340 a month into the iva, have 16 months left plus i will need to pay another year or release equity. I have recently got my mortgage statement and have…
iva answer or not
I am waiting for the DRO increase to come in place. I understand my iva must be failed before I can do this. I have my payed my iva for 2 months now . This past week they have constantly rang and left voicemail. Do I return their call and let them know my plan or just leave it a bit longer? Or send them confirmation now I…
IVA DLA & UNIVERSAL CREDIT
Hi All I have just entered into an IVA through payplan. The original agreement took into account my son's DLA money and offset the whole amount to his care needs. Since then I realised my son was also entitled to an additional elememt of Universal Credit. I informed payplan and they have increased my monthly payments…
Moving home
Good afternoon Currently in a DRO, due to finish September. Myself, partner and toddler have just been accepted for a house move through an agent, we have a close friend that has been incredible and offered to be a guarantor on my part. My partner of 3 years is really really careful with money so no chance of my guarantor…
IVA help
Hi all, Long story short I need to look into an IVA. Due to Covid and being off work for nearly 12 months I have massively struggled with keeping afloat. Who am I best getting one with? There are so many companies when I search IVAs in google. Also how impossible is it to move house whilst still in one? If we have equity…
Student loans while In an IVA
I posted a while ago about getting student loans and maintenance loans whilst on an IVA. I got a maintenance loan which got paid into my bank (around £1500 over the course of the year). However, I never bothered to phone up Student Finance before I started getting the payments made to cancel them. This got paid into my…
Do i get an IVA
I am really in need of some advice please. I have debt at the moment of about 11k on loan and CC. I have looked into an IVA but have muxed feelings. Please can someone advise if they have either had one or recommend one? Thank you
Equity Release & Covid
Hi, I am in year 5 of my IVA and the company has contacted me re equity release. I don’t want to go down the road of remortgage but I am happy to continue to pay for another 12 months - I read somewhere that due to covid the debt management company can’t make you remortgage does anyone have any more info on this? Thanks
Completed DRO. Need advice on credit record clean up.
Thanks to both StepChange and the help of posters here I applied for a DRO which was granted on 25 September 2019 and which completed on 25 September 2020. My credit file was something of a mess prior to the DRO completing (largely due to some debts still showing as defaulted with default dates after the date of DRO) and I…
DRO not appearing on my Clear Score credit report?
Hi, I was granted my DRO in March 2021 but my credit score hasn’t changed and all my creditors are still showing on the credit report showing I owe the full amounts still? No defaults are showing either and nothing looks like it’s changed at all on the credit reports? Just wondering if this will change or when it will…
Mortgage after DRO, am I right in this?
Can I just check something please... I had a dro 6 years ago, so it has now dropped off all my files that I can find. When I originally got the dro it was billed as a mini bankruptcy, however now I'm looking into it, it seems that legaly it's a different thing. I couldnt find my name in the London gazzette, do dug into it…
DRO creditors
Good evening you lovely people Just a quick question to run past you, in case i need to act further. I am currently in a DRO, due to finish in September, all was fine amd straight forward. I received an email from a completely different company saying my debt has been passed on to them now and want to arrange a repayment…
Reality is hitting hard
Hi folks, new around here, sorry for the obscure username, trying to remain anonymous as possible as may be people we know who frequent these forums and put 2 & 2 together. I'll be doing the posting but my wife is also here and reading all and occasionally be putting her comments in. We're rapidly approaching a point…
PPI settlement after Trust Deed (Scotland) discharge
Hello looking for some advise here. I was discharged from a Trust Deed (Scotland) 3 years ago and recently received a letter from Clydesdale Bank advising that after a review of a successfull PPI claim made in 2016 (by my practioner) I am due a further payout. In this letter they have included an acceptance form that asks…
Moved: Health Insurance
This discussion has been moved.
Purchase of cryptocurrency in a DRO order
Hi I was made insolvent a couple of months ago, can I make a long term investment of £250 into cryptocurrency to withdraw after my dro has ended? Thanks
Post IVA - bank fees repayment
Hi all I had an IVA between 2014 and 2017 which was paid off in a full and final settlement as I was made redundant. At the time, I signed something to say that any PPI I received post IVA would need to be paid into the IVA even though it had been settled. I have recently had a letter from my former bank saying they have…
HSBC updating my Equifax in a dro order
Hi, I entered a dro order around 2 months ago, and in that time, a lot of my creditors have left me alone and the dro has been a great help. However HSBC has updated my account two times with added charges and marking my account as a missed payment, I’ve rang them 3 times to supply a dro order number, no one knows what to…
DRO limitations
Good evening Just after some guidance, and who better to turn to then the people who supported me first place, when i applied for my DRO it was highlighted that 'if my circumstances don't change, my debts will be cleared', what does that mean exactly. Are they referring to if i win the lottery or something to that effect.…

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