Dro questions re ppi

mum2one

I was going to apply for a dro, but

I've had a letter from an old credit card, fully paid off years ago, the money that will be coming in needs to be earmarked for a car...

The car would be over the 1k mark, reason bring in disabled and need the reliability of a descent car, my car cost me £600 last yr in mot... dreading what this would be.

Based on this would I be better staying on 10yr plus dmp .

DorisTrousers

How much is the payout going to be and how much will the car cost?

How much debt do you have on your DMP, who is it with and how much are you paying each week or month?

Should be able to give you a pointer or two when we have those details.

mum2one

The payout 4.1k the car 3.9k - be registered as a disabled car

Debts - at last quick add 17k - 8 or 10 creditors

Paying £1 each...

Xx

wba31

A DRO would not be an option with a car worth over £1000, irrelevant of it's needs.


Who is your DMP with? have you spoken to them regarding your options?

DorisTrousers

A DMP is not much long term use if you are only paying £1 per month to each. A DRO looks out of the question, and whilst the OR may be sympathetic to any medical needs re a car, I would personally think that spending that amount on a car out of the award that you are due would lead to a lot of questions at the very least if you went Bankrupt.

So, is it possible that a more reasonably priced car would do the job? You can use some of the rest to fund the BR fee? If not, and the car is the best deal you can get, have you reviewed your own affordability at all? If you are now in a better place and can afford more per month then an IVA may be an option, although you would need to get to a minimum of £70 per month in my experience. At least the car would be safe in an IVA though.