DRO Advice please

Coln

Hi,
I am 56 ears old.
I have a Halifax debt which currently is £11,300.
From 2006 onwards the debt has been handled by Halifax Debt Collection Agency. The amount was frozen [no further interest charges] and I agreed to pay £10 a month. Between 2006 and 2011 I paid varying monthly sums between £10 and £18.

Since 2011 I have only been able to pay £10 - Reviewed every few months.
Throughout this period I have lived only on Housing and Medical benefits. I have been struggling with Depression and other mental Health issues.

In March 2011 - with the aid of Family / Friends - I attempted to make a "Full and Final payment offer" of £3,500 but this was declined [The funds being offered by family/friends for that purpose only]

A second offer [this year] of £5,000 [again the funds being offered by family/friends for this purpose only] has also been declined.

I could continue to pay the £10 a month but feel I want to have some kind of closure to this and I am likely to continue to rely upon benefits for some time.

A friend has suggeted that I seek a DRO. He has looked at the qualifing conditions and says that I should apply.
I have no savings, car or assets of £300.

If I applied for a DRO would the fact that I am paying the £10 a month prejudice the DRO application ??

Any advice about what I have written above would be appreciated and thanks for reading.

debt_doctor

Hi,

I, like some of my colleagues on here, process DROs.

The £10 per month payment you have been paying or third parties offering reduced settlements will not affect your application in the slightest.

DD

PurpleGoldFish

Hi Coln

Your situation is almost identical to the situation I was in, just different banks (Lloyds for me). I too did the reduced 'token' payments for years whilst I was out of work for Mental Health Issues and the debt situation just added to my problems. For all Lloyd's weren't hassling me on a day to day basis I just wanted it settled and out behind me.

So soon as I heard about DROs I knew that was the right option for me. I did the DRO in 2010 and have never once regretted it. The DRO process is simple and thanks to the wonderful people that sorted it out, it was totally stress free - it changed my life and my outlook on life.

fatbelly

Coln wrote: »

Hi,
I am 56 ears old.

And you're on a strategy that will take another 1130 months to clear the debt (nearly 100 ears!).

I'd go for a DRO. From what you say, you'd qualify. Get your friends/family to come up with the £90. It's a better use for their money than giving it to the Halifax who, by the sound of it, aren't particularly bothered.