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DRO Balance or settlement figure?
Hi All,
Today I went to CAB to get advice about a possible DRO my question is one of the debts we have has 2 figures. The settlement figure and the balance. Now I am a bit confused, we borrowed 15,000 with an APR of 16.9. When speaking with the creditor they have given us two figures, one a settlement figure of £14,900 another the balance of £20,000. Now I am assuming the balance is the amount payable for the duration of the lending so 60 months. Can someone explain which figure will be taken into consideration when applying for a DRO as it is literally the difference between a DRO or BR. It doesnt seem right that the balance of 20k is taken into consideration as this is the duration of 5 years but right now we are not in a position to pay anything due to ill health and my husband taking an 8k pay drop as a consequence. Therefore there won't be a duration of 5 years? The guy at the CAB said its the balance but someone else i know who works in finance said that doesnt seem right.
Can anybody help please?
Thank you
Laura
Today I went to CAB to get advice about a possible DRO my question is one of the debts we have has 2 figures. The settlement figure and the balance. Now I am a bit confused, we borrowed 15,000 with an APR of 16.9. When speaking with the creditor they have given us two figures, one a settlement figure of £14,900 another the balance of £20,000. Now I am assuming the balance is the amount payable for the duration of the lending so 60 months. Can someone explain which figure will be taken into consideration when applying for a DRO as it is literally the difference between a DRO or BR. It doesnt seem right that the balance of 20k is taken into consideration as this is the duration of 5 years but right now we are not in a position to pay anything due to ill health and my husband taking an 8k pay drop as a consequence. Therefore there won't be a duration of 5 years? The guy at the CAB said its the balance but someone else i know who works in finance said that doesnt seem right.
Can anybody help please?
Thank you
Laura
0
Comments
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The amount you owe is the amount you owe.
If you owed me £50 but were struggling I would probably accept a £1 per week. To avoid the hassle I may say give me £30 all at once and we will call it quits, I'll write the rest off. The fact is though, as we speak you still owe me £50. The guy at the CAB is right, and the other guy is wrong.
Sorry.0 -
DorisTrousers wrote: »The amount you owe is the amount you owe.
If you owed me £50 but were struggling I would probably accept a £1 per week. To avoid the hassle I may say give me £30 all at once and we will call it quits, I'll write the rest off. The fact is though, as we speak you still owe me £50. The guy at the CAB is right, and the other guy is wrong.
Sorry.
+1 for this0 -
Agree - it's the balance. That should be the figure quoted on your credit file too.0
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