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DRO or DMP?
Options

xxmillyxx
Posts: 1 Newbie
Hi everyone,
Due to ill-health, I have stupidly got myself into a lot of debt.
I have been on the step change website to find out my options, they suggested a Debt Relief Order as the main "answer" to my problems.
However, I have also looked into a debt management plan, and I am not sure which is the best option for me?
The main issue being that I am renting, and would be looking to possibly move in May, but obviously agencies do credit checks (v difficult to find a private LL in my area) so I'm worried I'd automatically fail as the DRO would show as it's a "public" record.
What are people's experiences of the two please?
Thank you in advance for any help, I really do appreciate it.
Due to ill-health, I have stupidly got myself into a lot of debt.

I have been on the step change website to find out my options, they suggested a Debt Relief Order as the main "answer" to my problems.
However, I have also looked into a debt management plan, and I am not sure which is the best option for me?
The main issue being that I am renting, and would be looking to possibly move in May, but obviously agencies do credit checks (v difficult to find a private LL in my area) so I'm worried I'd automatically fail as the DRO would show as it's a "public" record.
What are people's experiences of the two please?
Thank you in advance for any help, I really do appreciate it.
0
Comments
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Well, a DRO is only applicable if you have less than £50 per month surplus income, with assets less than £300.
If that is the case then struggle to see how a DMP could be realistic or applicable on any moderate level of debt. Plus a low level DMP may have to be self or partially self managed.
How much do you owe in total?
How much could you actually put towards a DMP?
Would be worth posting an SOA. See: http://forums.moneysavingexpert.com/showpost.php?p=49607953&postcount=2Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0
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