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IVA & DRO

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

Income Vs Expenses
Hi All I'm in the final stages of applying for a debt relief order, my SFS shows Income £1669 Outgoings £1841 Total -£145 The income was an average and it's been a lot lower lately, around £1540. I'm going to ask at my next call but I hope to get my income up to the £1841 mark so that I can meet my monthly outgoings…
Adjusting DMP Payments
Hi, Currently on a DMP which i find is good. Most creditors have defaulted. Just Sainsburys Credit card not playing ball. but they have froze interest. Now Currently i pay 160 per month, But a few cost have increased. I may have to amend budget to pay 100 or so a month. Now i have no issues doing this. But i am wary, what…
Pay rise and IVA
Hi all, I am in an IVA for around £8,000 of debt - I do believe I was pressured somewhat into it by one of the debt advisors I spoke to and I should've taken more time to consider my options, but ultimately the decision was mine. At the time I was on around 25k and was spending most of my money after bills on my debt…
How to rent WITH an IVA
I need to move home ASAP. I am currently unemployed with 2 children and I have an IVA (I will be returning to work in January when my youngest statts nursery) I do however have a guarantor secured, a positive reference from my current landlord and a holding fee and deposit money readily avaliable. I have been turned down…
IVA Tax Request
I’ve made my IVA payment (it is a lump-sum IVA) & awaiting my completion certificate. (Payplan). However, I have had an email from an outside company, notifying me I need to complete forms to ensure my tax code is correct as any overpayment from the past few years should go to my creditors. Payplan have assured me it is…
Can I go from Breathing Space to a DRO?
Long story short I've been burying my head in the sand and have been struggling to keep up with monthly payments. I get paid £2000 a month and most of it was used for paying back credit. After about a week I had no money left for anything else. I worked it all out and I am in around £28,000 debt. So thank God (and Martin…
Contract + Overtime
Hi All, I'll qualify on paper for a DRO at the end of the month - £35k unsecured debt, no assets (no car, I use my parent's) Looking at my income last month, £1057 was from my base contracted hours, £1244 was from overtime. My net was therefore £1872 This month, I've barely got any overtime at all, but I am guaranteed my…
Is an IVA right? £28k debt, self employed and PAYE income
Hi all, gutted to be having to ask but need a way out of the worry! Here's the important points: Looking to possibly do an IVA in my name only - debts are all mine. Assets Owned home, mortgage in wife's name but clear beneficial interest. Approx £50k equity each. No other significant assets. Income Wife - PT employed and…
Extra money when in an IVA
Hi there, I have received £300 extra money from selling some random shares I received. I have tried tirelessly with my Iva provider to see if any needs to be paid into my Iva and I keep getting different answers after waiting days for emails back. Has anyone else had extra money and declared it when it’s around that…
IVA + inheritance
Hello, I am 1 year into an IVA and have been left a 7 figure sum by a relative. My question is, do I have to pay back the full amount I owe on the IVA in full or is there some way to get around this? If I pay back the creditors will my credit be repaired? I likely won't need credit for anything that I can think of in…
income and cash IVA
Hi so i'm confused I have a friend that is in a IVA too. two years in. I'm almost 3 years in. I have a annual review in December I think. but anyways , my friend has started to withdraw her monthly salary and budgeting from a jar. but wouldnt this raise questions? i mean she leaves enough for her subscriptions and her IVA…
Advice about end of DRO
Hi, so in 3 days my debt relief order will end - I understand this stays on my credit file for 6 years which is fine, I had an extremely bad time with my mental health over the last 2 years and didn’t see anywhere out. I use clear score to look at my credit file and all my accounts from creditors are in default, yet I have…
IVA: Useless Administration of IVA
Hi all, Long post ahead! Read some really valid and valuable posts on here over the last several years and was hoping just for a bit of information/guidance with my ongoing IVA. I took the IVA out in 2019 as I had loans/credit-cards totalling £40k. I don’t own my home and privately rent and went through the motions of…
My car is dying and I have an IVA! Help!
I'm in an Iva. I'm Single mum to two children, I work part time and claim UC top up. I live by myself (with my children). I rent via the council and I own my car outright. Just covering the basics incase they’re relevant! I have a car. She's an older car but I've had her a long time so I know where I stand with her. A few…
Is a Budgeting loan a qualifying debt for a DRO?
Hi I have some confusion, I’m currently receiving ESA and have applied for a Budgeting Loan but I’m confused if it comes under a qualifying debt in a DRO? The Gov Website shows some contradictory information. Can someone kindly please help me, thank you
DMP entered but feel was wrong decission
I was £3580 in debt £1200 with Currys,rest with Klarna.in a moment of panic I spoke to a company who said we can help by putting on DMP and spread costs etc.ithought yes that would be great.so entered into it. But now in reality I have realised for 3 months I could have aid the klarna off...and be left with just…
Paid IVA off early
Hi I paid my IVA off early using my tax free amount of my pension fund but have now been told it takes 6 months to get my completion certificate. i need to redecorate my house as it is in poor state of affairs am I able to take more money from my draw down pension or can creditors still take it even though my IVA is now…
Help needed Gaurantor loan & DRO
Hi All, I am looking at applying for a DRO and my partner is also. The question I have is. I have 2 guarantor loans which were taken out with Future Finance Ltd when I was in Uni. They have since gone into voluntary insolvency. The guarantors are my partner and my landlord. Due to health reasons and my partner having to be…
TSB refusing to change default date - Scottish Trust Deed
Hi there, I have been in a protected Trust Deed since January 2023 and TSB are refusing to change the default date of my Credit Card to be aligned to the PTD. I have raised a complaint with them that they have not upheld and the FOS won't help either as they are saying the issue is over 6 months ago so won't help. I was…
Spiralling/drowning in worry IVA/DMP advice please
Hi All, Apologies for the long post….. I have been in a DMP with StepChange for almost 3 years, they have been so good to me I am ashamed to admit with the cost of living and my stupid mental health I have obtained more credit whilst in this DMP that I am unable to pay off, (I am currently on sick pay post shoulder op) The…

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IVA & DRO

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