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DRO advice
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greyclouds
Posts: 1 Newbie
in IVA & DRO
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Would I be best off going down the DRO route and if my financial conditions change (i.e I get a job) and the DRO is no longer valid then go down the F&F route, provided the loan is still available to me?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.
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Would I be best off going down the DRO route and if my financial conditions change (i.e I get a job) and the DRO is no longer valid then go down the F&F route, provided the loan is still available to me?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.
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