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simon_grimshaw Forumite Posts: 4 Newbie
Hi me and my wife are currently lookin into a Dro each
Just need a bit of advice guys

my debts in my name loans credit etc come to 8700
Wifes debts around 6k
But we have also a joined loan together of 17000
Our housing situation is private rented.
Just wondering is a dro possible as we shared debts
Thank u guys


  • MovingForwards
    MovingForwards Forumite Posts: 16,553
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    How much is outstanding on the loan and what was the purpose of it?

    Do either of you have a car or anything of value?
  • simon_grimshaw
    simon_grimshaw Forumite Posts: 4 Newbie
    Car wise worth around 900ish mark
    The loan i have had for years cars house and to get through life when we had are ours kids
    When wife was on maternity cover.
    I left work a bit bk to become carer for our kids one being autistic and that
  • sourcrates
    sourcrates Forumite, Ambassador Posts: 27,664
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 28 July 2019 at 12:49PM

    You are both liable for the full £17,000 joint loan here, so you need expert advice as to how this will breakdown if you both do a DRO.

    You may be looking at bankrupcy as a possibility, but without seeing an up to date SOA, its impossible to advise further.

    Fatbelly may be able to help here, otherwise you should speak with an intermedary.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected]. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- The "provit letter" is here-
  • fatbelly
    fatbelly Forumite Posts: 19,200
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Sourcrates is correct - you are both over the limit for a dro, being at £23k and £25700

    There are certain debts that are automatically excluded - Child maintenance arrears, student loans, tv licence arrears, social fund loans, criminal fines.

    There are some that can be excluded with a bit of work - statute barred debts and unenforceable debts.
  • simon_grimshaw
    simon_grimshaw Forumite Posts: 4 Newbie
    Thank u for your replys guys

    A just thought because our joint loan is 17000
    This wud be halved 8500
  • fatbelly
    fatbelly Forumite Posts: 19,200
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    You can do that with a tax credit overpayment where the two parties have separated but that's the exception to the rule.

    The 20k limit relates to your individual liability and because joint debts are subject to 'joint and several liability' the whole amount counts against each person.
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