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DRO, what's next?
So I scanned and emailed everything to Stepchange early yesterday morning and spoke to an advisor on the phone who helped me with my budget and talked me through my options which were just the DRO. What's next though? How long until I need to do anything else? I've got my new basic bank account with Co-op, I've moved over…
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DRO Questions
Hello everyone, I have been reading this forum for quite a while now to gather as much information as I can, Finally decided to sign up on forum and post few questions (sorry if any of them might sound bit too obvious or silly) I have a debt of around 10.000£ I did online tool with Stepchange and was recommended DRO First…
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DRO Query
Firstly, I would like to say a massive thank you to the people on this board; in particular, Sourcrates and Fatbelly. Your collective knowledge has helped me loads over the past two years. My story, I was granted a DRO 08/01/2020 and I have just completed my one year moratorium period. I have taken screenshots from the…
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Car loan when in IVA bad debt
Does anyone know the situation on getting a car loan with an IVA/bad credit rating? My son went through a mental breakdown, bad relationship break up, then made redundant through covid, left with thousand of pounds of debt he can’t currently pay off. He was in a debt management plan but due to the redundancy he wasn’t able…
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Moving in with partner with IVA
Good afternoon, My partner has an IVA that has been running for three years. It is a joint IVA with his ex for debt that was hers but he agreed to do it jointly as they were a team! We would like to move in together soon. But what affect would his IVA have on me, if any? And also I own my house with no mortgage. He would…
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IVA changes
I have been in my IVA for near 2.5 years now and with my job there is overtime that I don’t have the luxury of not working. My years review has been complete and they say due to this I can afford a substantial increase in my monthly payments based on 3 months throughout the year my wage being slightly more than normal. I’m…
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IVA annual reviews
I'm almost 2 months into my IVA now (a long time to go I know). When doing the income and expenditure with my IP, I said I pay £250 rent to my parents and various other outgoings here and there like phone contract, birthdays, xmas etc. I take home, after tax roughly £1k and pay £160 p/m into my IVA, so left over I…
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Scared but going with DRO!! Questions!
So I'm finally accepting that I can't manage my debt anymore but I have a few questions. I have been majorly struggling for around two and a half years after having to leave my job due to health issues and then having my ex stop paying child support for almost two years. I've gone through step change and they say I qualify…
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Ppi payment
Hi, I was wondering if anyone could help I was in an IVA which was completed in 2012, RBS have sent me a ppi reclaim letter which I have accepted but they are now saying I won’t get the money as I have a debt with them, this debt was in my Iva so it has completed in 2012, I know it should go to the Iva people to offset…
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DRO due to end next week and credit file clean up
Hi My DRO is due to end on 24th January and all my accounts are defaulted with the correct date, a couple or showing dates a couple of weeks after the DRO date but for the sake of a couple of weeks I'm not bothered. My question is that will all of my accounts be automatically closed showing as partially satisfied or…
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Debt Relief Orders - consultation launched
A consultation has been launched today to change the eligibility criteria for a DRO. The proposal is to set new financial limits that would:* Increase the total amount of debt allowable to £30,000 (from £20,000); * Increase the value of assets owned by the individual to £2,000 (from £1000). We are not proposing to change…
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Solo IVA but joint mortgage
Hi Everyone, My wife is coming up to her final year with a solo IVA and they now want us to Refinance or re mortgage our house, but i am not part of the iva and i refused when she took it out, can i refuse to Refinance or re mortgage as it would for sure be a higher interest rate etc as our credit is now poor, Also i think…
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DRO Consultation
There's a government consultation on expanding the limits of the DRO criteria. https://www.gov.uk/government/consultations/debt-relief-orders/debt-relief-orders-consultation-on-changes-to-the-monetary-eligibility-criteria Anyone can contribute - cut-off date 26 Feb The proposal is * Increase the total amount of debt…
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IVA + help to buy
I am coming up to the 5 years of my help to buy so I would normally look at remortgaging to pay off the % of the house value owed however I am in the 3rd year of an IVA following financial difficulties meaning I won’t be in a position to remortgage.. what are my options?
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Do I have to declare refund from creditor? (DRO)
Hi. I was approved for a DRO last September. I just received a letter from one of my creditors saying I’m due a refund of £85 as compensation for them giving me a credit limit rise when they shouldn’t have. Do I have to inform the insolvency service of this refund, and should I even contact the bank regarding the payment?…
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Hmrc debt
Hi all again, Ok so my DRO was accepted 17 dec all went smooth and I feel relieved!! One of the debts that was in mine was hmrc... well actually a few from them however one of them was a overpayment of tax credits from 2016-2017 it was £964 ish but was just in my name on the letter even though at the time it was a joint…
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Life after and IVA
Hi guys, I have a quick question if anyone can help. On December 1st 2020 I paid off my IVA early it was due to end March 2021 but had an end of year bonus so cleared the rest off. The company, Creditfix, have been pretty vague and I can’t get a straight answer from them about what to do now. The plan is obviously to now…
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Moving home
Hiya all Happy New Year to you all. We are looking to move home around May time if possible my DRO finishes in September which was from a past relationship and debt left in my name, am i being too optimistic in being accepted anywhere jointly as a new tenant? . We have never missed payments etc in this house, all bills up…
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Anxiously waiting!!!
hi again, My DRO application was submitted on Monday afternoon (14th Dec) and my payplan adviser said I would hear via email either Wednesday or today. He seemed extremely confident that I’d have approval by the end of the week. Is it that quick? I hate the waiting I’m literally checking emails all the time🙈 does this time…
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Mortgage for settled IVA (pre 6 years)
Hi, Any help on this would be massively grateful. I have just settled my IVA early as one lump sum (3 years in) Hoping to be able to look at getting a mortgage next year if it's possible. My partners credit is currently excellent but it will probably allow both of our wages put together to cover the mortgage that we want.…
