DRO or DMP? 30 November 2012 at 11:14PM in Debt-free wannabe 1 reply 497 views

xxmillyxx

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.

fermi

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=2