We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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

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Would I be best off going down the DRO route and if my financial conditions change (i.e I get a job) and the DRO is no longer valid then go down the F&F route, provided the loan is still available to me?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Would I be best off going down the DRO route and if my financial conditions change (i.e I get a job) and the DRO is no longer valid then go down the F&F route, provided the loan is still available to me?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.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

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