Considering a DRO

TFXTFX

I'm a little less than £15,000 in debt. Most of it is early termination charges. Having spoken to NDL, I have been advised of one option which is a DRO.

I cannot see my circumstances changing and feel it's the only option. I have also been advised to open a new bank account before I do it.

Just one part it I am a little unsure about. What is classed as an asset? I don't own much but I do have a 46" TV that is 3 years old and a laptop with a broken keyboard (using an externally attached one). Is electronics classed as assets? NDL said only an expensive phone such as the iPhone 5 would be.

Lastly, if you have had a DRO, how has it made things better or worse?

GD2_2

If you are going to do it then strike fast would be my advice. If interest and charges have brought it to this point then it may be that they are still being added. If so, and if it takes the debt level to £15,001 then your DRO will be rejected and you will lose your fee.

TFXTFX

Thank you.

I have spoken to the CCCS, they have setup a profile for me and will have a debt advisor call me in a week (next Friday). In the meantime, they have asked I get a Basic Account from Barclays and obtain a credit report.

I've ordered an Experian report for £2 which should be here by next Friday, and I'm opening a joint Cash Card account tomorrow.

How long does it take to file the DRO? I want one ASAP as I'm afraid of the charges adding up.

Additionally, I have some joint debt (overdrafts mainly). How will this effect my partner?