We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

DRO advice

Options
Hi all,

Seeking a bit of advice. I meet the criteria for a DRO and have received the paperwork to sign and pay my fee.
However I have an offer from a friend to lend me some money to clear the debt via a F&F settlement. The loan isn't large, around 14% of debt.
As it's such a low offer would it be worthwhile going down this route?
The debt is a little over 1year old and has been passed onto a DCA. I'm sure they would have bought the debt at more the 14p/£ BUT going down the DRO route they will get nothing so this may be attractive to them?
As far as I am concerned it would make little difference to me wouldn't it? I still have 6 year bad credit reference and the other restrictions placed upon me during the 12month DRO period appear irrelevant to me.
Would I be best off going down the DRO route and if my financial conditions change (i.e I get a job) and the DRO is no longer valid then go down the F&F route, provided the loan is still available to me?
Any advice much appreciated.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.