DRO and Redundancy payment?

falko89

The plan was with CCCS was to offer creditors a token payment now until my redundancy payment comes through and then take out a DRO, I was going to use my redundancy money about £3k to learn to drive as I can't get a job locally at all but apparently if I do this I will rule myself out of a DRO.

What do I do? CCCS say I will have to split my money among my creditors, my £3k among 13 creditors owing approx £10K will be like pi$$ing in the wind and i'll still have no job.

falko89

Seems yes unless I pay my creditors no DRO, Taking this to the main board for some advice

debt_doctor

I'ts up to you what you do with your money. If you wish to pro rata it to your creditors then thats fine, if you want to spend it on improving your employment prospects then that's fine too.

You will not be able to enter in to a DRO or remain within a DRO if you have more than £300 savings.

DD

debtfree2015_2

If driving will improve your chances of finding work, it should be ok, £3k is a lot on lessons though. Could you look at an intensive driving course spread out over a week or two? Its likely to work out cheaper, so you can get your lessons, pay for driving test, buy your car and whatever is left pro rata. Just keep receipts for it all.

Darkmoon

Hi,

I'm no expert but have you considered offering full and finals? 3k against 10k debt is not out of the question? Worth a try if it clears your debts once and for all?

Darkmoon

falko89

Darkmoon wrote: »

Hi,

I'm no expert but have you considered offering full and finals? 3k against 10k debt is not out of the question? Worth a try if it clears your debts once and for all?

Darkmoon

Just got all the figures this morning, its not even 10k its almost 7k, do you think they would do this?