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Debt relief order?

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Merlinexcalibur
Merlinexcalibur Posts: 1,699 Forumite
in IVA & DRO
What is it and how does it differ from a banruptcy? Seen it mentioned here a few times and was wondering.
Any help, opinions, views I may hold those are my own. Respect them as you would expect the same in return. Offered freely, is gleaned from a lifetime of experiences, knowledge gaining. Passed on to benefit others. I may be direct, ask you questions but those are to help you. Up to you if you choose to take it. I won't judge you either way.

Comments

  • Merlinexcalibur
    Merlinexcalibur Posts: 1,699 Forumite
    Oh, found more on it here on MSE. But has anyone done one, what was it like, was it easy to do?
    Any help, opinions, views I may hold those are my own. Respect them as you would expect the same in return. Offered freely, is gleaned from a lifetime of experiences, knowledge gaining. Passed on to benefit others. I may be direct, ask you questions but those are to help you. Up to you if you choose to take it. I won't judge you either way.
  • philnicandamy
    philnicandamy Posts: 15,685 Forumite
    10,000 Posts Combo Breaker
    nobody will have done one as yet....they dont come into play till April
    We all die. The goal isn't to live forever, the goal is to create something that will
  • yellowmonkey
    yellowmonkey Posts: 7,052 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    I may be wrong Merlin but I dont think in comes into effect until 1st April :confused:

    Someone will correct me if I am wrong

    ym
  • yellowmonkey
    yellowmonkey Posts: 7,052 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    As Phil said :D. Beat me by 60 seconds
  • Merlinexcalibur
    Merlinexcalibur Posts: 1,699 Forumite
    Yes, thanks. Realized after I read this here:

    http://forums.moneysavingexpert.com/showthread.html?t=1193319

    :D

    In a panicked state you see right now over everything, clutching at hope more than anything to get me to the next stage eg get me through.
    Any help, opinions, views I may hold those are my own. Respect them as you would expect the same in return. Offered freely, is gleaned from a lifetime of experiences, knowledge gaining. Passed on to benefit others. I may be direct, ask you questions but those are to help you. Up to you if you choose to take it. I won't judge you either way.
  • So_Sad_Angel
    So_Sad_Angel Posts: 7,363 Forumite
    Hi Merlin,

    I think that the final draft of DRO`s is not fully known & subject to amendments until start date. Keep following threads on here....obviously it is very much regulated by level of individual debt but I gather the effects in terms of personal credit data will likely be similar to BR.

    Hopefully there will be a sticky nearer release date (hope you`re reading this Fermi ??) to help qualify factual info as it is brought into force. Certainly it will offer a valuable lifeline to those struggling in debt under a certain level.

    Angex
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