DRO debt amount question

iceblink

Hey guys,

Got my DRO draft application back today and I'm looking for my up-to-date balances to include in my DRO, just wondering if anyone can answer my question.

I have a loan from AvantCredit that I'm paying off, my credit report has it at £2995, the "pay off my loan today" from the Avant website has me at £2950, but I've worked out the monthly repayments (£126 a month for the next 44 months) which would put the balance at £5544? I originally borrowed £3000 but I've paid off around £500-600

Just wondering which amount goes in the DRO as the amount I actually owe? Thanks!

wba31

to be on the safe side, the largest one.

The figure to pay your loan off today sounds like a settlement figure, which doesnt include all the interest that gets added on for each month is repaid.

I think your calculation of monthly payment X number of months is the balance to use

iceblink

Thanks for the reply wba

Does it matter any if the figure is too high? Like if I put 5500 but the credit report shows 3000, is it grounds for creditor objections at all if they object to the figure being too high?

wba31

No not at all.

If a creditor objected on those grounds, and i was the intermediary, i'd defend it by advising how we worked the figure out and we were being cautious. Never known it happen in 6 years of doing DRO's.

Rumour has it that if you owed £5500 and we put in £3000 they could chase you for the shortfall. Seen it once in same time period (very early years) when a debt was listed as £4k instead of £8k.