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IVA & DRO

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

Repaying 100% of debt owed via IVA
Hi, I have £58k of unsecured debt that has now become unmanageable. I am seriously considering an IVA. My regular, salaried income would allow me to repay 100% of the amount owed over a period of six years, while still being able to live to a reasonable standard. I have a few questions: 1) Am I even eligible for an IVA if…
Never trust a trust deed
Personally I would NEVER recommend a Trust Deed it IVA to anyone ! They say they will write off some of your debts , but what they don’t tell you is that the total debt you owe will still be paid by you , but that two thirds of that go into the TD companies pocket and only a third of that amount to your creditors. They…
What's your life plan after DRO?
Full and final.
Hi I posted a full and final to my Iva company which they received Tuesday. I’m not expecting it to happen over night but how long do these things take to finalise ?
DRO and Money in childrens bank accounts
Hi, This is on behalf of another family member. They have applied for a DRO and are waiting on a reply, however my family member has some cash (few £k) in a bank account (savings) but that is on their childrens name although the family member is the legal guardian, would this effect a DRO, can they say take money from that…
iva help
Hi im thinking enquiring about an iva from experience does anybody know how much u think my payments would be in a joint iva, i have a mortgage with no equity in property. Together we bring in 2200, i worked out our leave over budget wolud be round the 200 mark, i worked out how much i owe loans credit cards store cards…
Post IVA question
Hi, I have been out of my IVA now for 2 years but I still keep getting letters off Tesco loans every 6 months saying that although I may have been in contact with them to arrange debt repayments they still have to send me this to let me know how much I owe. I have had my completion certificate everything so I thought they…
IVA and redundancy
Hi, my pal is 6 months into his IVA and has just had confirmation he is getting made redundant is 2 weeks time, he knew the writing was on the wall as he has been stood at home for the last 4 weeks and has only worked for approx 3 weeks since Xmas( construction industry). He is being evicted from his flat on Monday as well…
DRO - submitted but waiting.....
Hi everyone. StepChange submitted my DRO on Weds 27th Feb around 3pm whilst I was on the phone to them. General consensus from reading the various posts seems to be 48 hr turnaround but these posts are from a few months back and last year. Anyone know the current wait time? I've checked the register just now (Sat 2nd) but…
Completed IVA
:j:j:j Hi all, I just wanted to post a massive thank you! 6 years ago i spent hours reading these forums sucking in all the information and advice regarding IVAs and debts. Today i have received my IVA completion certificate YAY finally debt free. And to add to it i am proud to have paid back 100% of my debts. In fact…
Finance while on an IVA?
So I am 4 months into my IVA now and so far all is going ok. I was wondering if I was allowed to get 'finance' while on it. Basically I would like to do my HGV licenses but as in total it costs around 2-3K to do this, there are companies that offer these train now, pay later plans. I don't know if that is classed as…
iva update
Hi all, I'm at month 54 in my IVA. Just waiting for my IP to contact me regarding remortgage/raising funds. I'm I right in thinking this is unlikely to be agreed due to my credit rating. If so this will result in a further 12 months payments. Also my income is about to drop by more than my iva payment. I am hopeful that my…
DRO and lump sum
Does anyone have any idea how big of a lump sum could trigger a revoking of DRO? my husbands work had a share scheme, on the first anniversary of employment they are given a share. Its not available to sell for another year, after a year they are the share is sold whether the employee wants to or not and they are paid it…
DRO a option for me?
Hi, I'm new to the forum and looking for some advice. I am currently on a DMP with stepchange. When I started it was £26k, it is now less than £20k after paying £400 a month towards it. My circumstances have just changed drastically as me and my partner have separated. The household income has dropped and due to the house…
Thinking of leaving IVA
Hi guys I’m coming up to the end of my 2nd year in an IVA and I’m thinking of leaving and paying creditors off myself. My circumstances are completely different now to 2 years ago. My payments are going to be increased again this year and I’m going to be paying back much more than what I owed originally. I’ve spoke to IP…
Help from people who’s DRO has ended!
I haven’t been on here for a while. Since my DRO was approved i haven’t been contacted at all by any of the creditors. My only regret is i didn’t do it sooner. I was just wondering what happens after the 12 months is up? Do i have to send anything in to prove I still can’t pay? My situation hasn’t changed and it’s highly…
Mortgage advice after IVA
I had an IVA together with my ex-husband from 2008-2013. It was completed and fully discharged and has not appeared on my personal credit report for several years now. We have since divorced and I have focused on rebuilding my credit, succesfully getting credit cards and a loan over the years. My new partner and I are now…
IVA Completed
Today 13/02/2019 my IVA has dropped off my credit report yippee . However when I have looked at my credit score this morning , the score is still showing "very poor " My question is will my score only reflect the IVA dropping off next month ? so March ? Does the score on Experian not update daily ?? I obtained a credit…
Excluding family debt from an IVA
I've been on the Step Change website and it's advised that the best option for me is an IVA. One of my outgoings is £200 a month to pay off a loan given by a family member which I currently have £4200 outstanding. Step Change via their automated form have given an estimated IVA monthly amount of £92 and have stated £14 a…
My Dro Has Ended But The Register Hasn't Been Updated
Hi! My DRO ended yesterday but so far the insolvency register hasn't been updated to reflect that. Is this normal? How long does it usually take?

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IVA & DRO

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