DMP vs IVA vs bankruptcy

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  • fatbelly
    fatbelly Posts: 20,504 Forumite
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    National_Debtline wrote: »

    As fatbelly suggests, a DRO might also be an option if you meet the criteria. You need to owe under £20,000, under £50 per month surplus available on a statement of affairs, and under £1,000 worth of assets.

    James
    @natdebtline
    And if so, the bank account is not an issue as long as it is moderately in credit
  • punto01
    punto01 Posts: 44 Forumite
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    Haven't looked into DRO - it wasn't an option given to me by SC so will do some reading on that too thanks :)
  • punto01
    punto01 Posts: 44 Forumite
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    I guess that DRO wasn't discussed as I currently have more than £50 surplus to pay on my debts but as I am looking at moving out my payment would reduce which is why I am now looking at my options :/
  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
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    It’s worth completing a SOA based on your estimated outgoings if you think they’re likely to change. That might help to narrow down your options.

    James
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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