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IVA & DRO

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

IVA Completion
I wonder if anyone can help me.... I have been in an IVA for a few years now, originally set up with Harrington Brooks which was then taken over by Freeman Jones, (horrendous communication!!). I made my final payment last April and sent off the equity proof thing that they asked for. After not hearing from them until SEVEN…
Moving from IVA to DRO
Hello all I have a few questions regarding this. I recently posted looking for advice, and since then have decided having looked at my budget using StepChange that a DRO is 100% the better option for me, and is recommended based on the figures I provided. I do have a question though and hope someone can help. When…
IVA Windfall
Had an IVA for just over a year now and stuck to the payments, it is getting easier budgeting and the first 12 months do appear to have flown by. Expecting a windfall payment (inheritance) sometime this year and do not want this to disappear into the IVA to pay the original debt figures (I assume the debt reverts to that…
IVA advice please!
So I contacted StepChange for advice regarding my debts before Christmas and they first suggested bankruptcy but I carried on struggling onwards and didn't do anything else about it, but stopped paying into my NHS pension to free up an extra £100 for bills. Last week i did the StepChange debt thingy again, and this time…
Considering a DRO, but waiting for court case to conclude
Dear all, I have around 13K in debt. I also have a County Court case which I have brought, which may or may not result in an adverse Costs Order against me, particularly if I lose or my claim gets struck-out. I take it there is no issue with including any adverse Costs Order in the DRO, as they do not appear to be an…
Opening a basic bank account
Hi guys, As some may have read on my other threads I’m looking at applying for a DRO. I currently have debts with my current bank account (a credit card, loan and overdraft). My next payment due out for that is on the 16th. I’ve already not paid my aqua credit card this month (was due on the 1st) and am getting around 5…
PayPlan IVA & Debts
Hi all I started my IVA around Feb 2019. My total debts amounted to about £15,000. I done the I & E etc, and the total amount I had to pay was £50pm. I regularly work overtime so my payments were never that low, always around £190, highest been around £300 I believe. I've paid roughly £1,500 to date. I feel now that I want…
IVA, how far back do they check accounts
Hi guys, really need someone's help. I applied for an IVA 6 months ago after struggling with over 10+ yrs of debt (approx 30k). I've worked 7 days a week since to no avail. It was made worse after having a child 2 years ago and the wife being off for those 2 years (with no income) with son being ill all the time At the end…
Annual Reviews
Hi all, Just about to apply for an IVA, however, I have been looking for more information about the annual review as it is not very clear from my research what it consists of and how it is done. Do they take 12 months bank statements from all accounts, HMRC check, scrutinise all payments etc.? Would anyone be willing to…
DRO Advice need please
I have a DRO that was granted on Nov 2019. so just a few months in. what i would like advice on is should this still be happening on my credit report? 07/01/2020 Default 07/01/2020Default the rest range back through December Over credit limit Payment status worsening Payment status worsening Over credit limit Default…
Timescales for setting up a DRO
I submitted an application for DRO on 23rd December and I called Stepchange today and they advised they have a backlog and it's going to take 4 to 6 weeks before my application is reviewed. Just wondered from others experiences is there anywhere such as Payplan or CAB that can set it up quicker? In hindsight I was going to…
Setting up a Ltd Company after IVA
Looking for any advice. My partner and I both went through very difficult divorces before we met, which resulted in us both going through some financial difficulty. Luckily we have both come through it and are looking to now start our own Ltd carpentry and construction business. The issue is that my partner entered into an…
Dro issues?
Hi. I'm new to this but I'm hoping someone can help. Both myself and my husband had a dro in 2017, every month since we've had credit reports from credit karma. There were no issues with the dro, it was all straight forward. Now however, over 2 years later, 4 debts are showing as active and I'm in default? Can they do…
Expenditures DRO
Hi guys, I did an online debt remedy with StepChange and it came up that they felt the best way forward would be a DRO. They’ve emailed me an application pack and I’ve looked at it. I’m a bit confused as it says my application could get refused by the official receiver as I put down £60 a month for smoking and that’s…
Paying off IVA
I started on an IVA about 7 months ago, currently paying around £140/month so I have a total of around £7500 left to pay. My original debts added up to around £13,000. The situation I find myself in at the moment is that I am going to be made redundant in a couple of months after 17 years with my current company. I have…
Questions regarding my debt options and potential DRO
Hi everyone, So I've racked up a small amount of debt (though sizeable to me when considering my circumstances) of over £3K across two credit cards, an overdraft and other things. Currently I'm unemployed and have been for a while but am receiving some universal credit. The main reason for not working is my long-standing…
DRO information
I am in the process of getting a DRO. I’ve received my application pack from stepchange but they are asking for the account numbers and addresses for all of the companies that my debts are with. I do not have the majority of the account numbers as I only have the information that is on the credit file as I spent years…
Can't remember all debt collectors
Hi, all, I'm sorry to ask this as I'm sure it's been asked before (but I cannot find it!). I have been advised to go for a DRO, but I am struggling to find who I owe money to as the debts have been sold on numerous times. Canni just put the original creditor down?
DRO and small increase in income - hypothetical question
Hi everyone, I was hoping someone could advise I've not worked for most of this year due to getting sacked from a job I was bullied in, I've spent most of the year recovering from a breakdown, a broken back and arthrtitis in my spine...well and truly broken in all senses and in debt. I'm applying for a DRO, but want to get…
DRO ended today...
So it has been a year since my DRO was approved. Does anything happen now? Do they want updated budgets/bank statements - nothings changed that I haven’t informed them about. Can they look at my accounts to check? (Had a couple of payments from kids Dad towards school trips etc). I see people talk about 15 months or…

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IVA & DRO

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