DMP or DRO??

sugarplum10

myself and DH are on a DMP with CAP.
recently we were advised that as I am the person earning and of the 15, 390 debt that we have approx 10,000 of this is DH's it would be better for him to apply for a DRO??
He has no income except our joint Child tax credits as the WTC is mine as Im the earner and the wages are mine as Im the earner.
By mine i mean in my name we obviously as husband and wife share this income on bills etc.
I am the only one of us with a bank account as DH was so into his OD that the bank did a recall thingy on it asnd asked hime to pay the lot or have his account closed. He couldnt pay it all off so they shut his account and passed the amount to a DCA (in house with HSBC).
We have no joint financial link as we have never held an account together.
what do you guys think???

Tixy

Sounds like it would be worth exploring the option of a DRO. Especially if you don't expect him to be working / have an income within the next 12 months.

sugarplum10

thanks Tixy, I will phone cap next weekend and see what they have to say. Im guessing they will prefer us to stay in a DMP though as they would regard this as being more honest??

cheesedoffwithdebt

A DRO would certainly clear your DH's debt faster. CAP however will always be honest with you about what is possible- I hope all goes well.

alastairq

as they would regard this as being more honest??

Not their position to consider any sort of moral viewpoint.

I would suggest a DRO too....however, there are strict rules and limitations with this particular form of Insolvency.

For example, do you rent your home, or is it owned [or on a mortgage?]

I strongly recommend, your DH goes out now...and applies for a basic bank account [or two].....from either Co-op [Cashminder] or Barclays [basic account].

[Make no mention of possible DRO....]

Your DH will cope with any further Insolvency better if he has his own, basic bank account. [you cannot foresee what the future brings, but you can plan ahead for any eventuality]