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Individual Voluntary Arrangement (IVA) & Debt Relief Order (DRO) Info, advice and help thread.
Updated 21/05/2023 DRO (Debt relief Order). There is info on the net and in the link provided below, but these are the main practical features - (1) Total debt must be no more than 30k (2) Must not be a homeowner (not even with neg equity) (3) Asset limit is now £2000 as well as a vehicle valued at up to £2000. (4) Monthly…
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IVA & DRO Board Sticky
Hi folks :) This is the new IVA & DRO Board Sticky where links to all current important threads will be kept. Links: Debt Relief Orders (DRO) - Information & help thread IMPORTANT READ FIRST - Where to seek IMPARTIAL FREE advice DRO s and benefit overpayments IMPORTANT - Beware of advice via PM
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Debt Relief Orders (DRO) - Information & help thread
Info from Government website : https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order National Debtline: https://www.nationaldebtline.org/EW/factsheets/Pages/37%20EW%20Debt%20relief%20orders%20%28DROs%29/Default.aspx
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DRO 12 month anniversary 🎉
Hello all so today marks the end of my 12 month DRO period and I’m so happy!!! I feel like a massive weight has been lifted from my life and I’m looking forward to starting a brand new job next month!!!! I have been through a rough journey and if it hadn’t been for this brilliant forum I don’t know how I would of coped…
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I'm free! DRO has completed
My DRO has finished today! I'm finally free, thanks to everyone for their help on here. I'm confused by the Insolvency Register as it shows the following Currently Subject To Debt Relief Order : Moratorium Period ended on 24 January 2021 Does that mean it's done? I thought there would be a more meaningful message to go…
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Slight clamp-down on misleading IVA advertising
The Advertising Standards Agency (ASA) has published a new enforcement notice regarding IVA adverts from insolvency practitioners and lead generation companies. https://www.asa.org.uk/news/enforcement-update-debt-management-ads.html The ASA will begin targeted monitoring and enforcement of adverts from 25 July, reporting…
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Thank you
Good evening all That time has come for me to spread my wings, my DRO was granted 22/9/2020 so therefore my last day will be tomorrow, with no issues. I just want to say thank you to you for the support, guidance and advise you have given me. I was a total mess when i was going through the worst at the beginning , but can…
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Thank you
Evening all I just want to say a massive thank you to each and every one if you that has helped calm me down after a long winded process, my DRO has been granted, i feel a huge weight has beem lifted, and can't actually believe i can almost start my life again. Thank you thank 😁
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Notifications to Creditors while the virus restrictions apply
Just had this from the Official Receiver NOTIFICATIONS TO CREDITORS: Around 80% of creditors receive notification of a DRO by e-mail and while our office is closed there is no change to the process for inputting creditor details in the application please continue as usual. Creditors who are not normally notified by e-mail…
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Stats and info on the DRO Hubs
Interesting article by Debt Camel https://debtcamel.co.uk/dro-hubs-2023/ This covers the period in which Stepchange (charity) went from the largest provider of DROs to zero, and Money Wellness (commercial firm aka Gregory Pennington) went from zero to becoming the major provider. A distortion entirely caused and engineered…
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Panorama programme on IVAs today 8pm BBC1
As the cost of living crisis deepens, figures suggest almost 13 million people in the UK are falling behind on their bills and struggling with their debts. Panorama investigates the booming debt management industry and the companies signing up people for Individual Voluntary Arrangements. IVAs allow clients to pay off…
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McKenzie Jones Associates - Debt Management FRAUD!
Good Afternoon all, I have not not seen any other news articles or scams online regarding this. I wanted to make this post make other people aware of this company in the hope they do not become a victim like me. My background - I went into an IVA around 2 years ago due to bad management of money and taking a loan by the…
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From F&F Day to Hooray - my journey from IVA to closure & beyond
Hi all, I just wanted to post a little bit about my personal journey ref: IVA (non-mortgage) at F&F point til now. So back in May, after much deliberation and research I decided to approach Sprout Loans for an ‘IVA Settlement Loan’. I asked many questions and pontificated for a week or so before I hit the button. At the…
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FCA take action on IVA lead generators
https://www.fca.org.uk/news/press-releases/fca-takes-action-against-debt-packager-firms It's a start...
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IVA Approved! My Journey.
Hello All, I thought it would be a good idea to post my experience of the IVA process as when I was searching for information if was very limited or outdated. It came to realisation in May 2020 that I was in a pickle, I had lived beyond my means since I got my first credit card at 18. By the time I finished my studies and…
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What should I do
hi everyone, I am pretty desperate for help and not sure what to do! I have around £40k worth of debt and just about covering everything every month! I have spoken to pay plan and cccs and one has suggested an Iva and the other a dmp (which will last 17 years!!) the thought of either of these frightens the life out of me…
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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…
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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 company asking me to remortgage my home
Hi all. I am currently in my last year of my 6 year IVA with StepChange. They have just emailed me saying that as I agreed to remortgage my property as part of the agreement, I need to get a redemption statement from my mortgage company. The emails says 'The amount required to repay all the debts secured on the property is…
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Hanover insolvency
Has anyone got any idea if this company has gone ? They are still taking money out of my bank but I can't get on to the Web site or emails and phone calls are going nowhere .? Anyone have any ideas please 🙏
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DRO Finished,thank you!
Hey everyone. My DRO finished a few days ago so just wanted to say thank you to everyone who helped with advice a long the way! Thanks again
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Iva Completion
Recently both I & my husband have completed our Ivas. Both were completed via a full and final settlement and we went via PayPlan. Couldnt recommend PayPlan enough from start to finish they have been amazing. From setting it up to annual reviews, payment breaks and now completion - highly recommended. My husband paid back…
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IVA info please
Hi, I have £8,300 debt I have had to give up work for health reasons and can no longer afford to repay my debts . I have always worked and am worried about doing this . The man I spoke to made it all sound very easy . Is there anything I should look out for before signing ? Many thanks
