Dro questions

fatbelly

Beoptimistic said:

Hi all and Mazda. 
I'm just wondering if you have an update on your situation?
I too am in a very similar situation to you due to Gambling and I have just over £21,000 in credit card debt. I have spoken to a number of people including Citizens Advice who have advised that a DRO may be the best possible solution. I asked her today if my Gambling records will impact my eligibility and she wasn't sure... she said it may lead to a DRRO or DRRU. I'm wondering if this happened to you?

I'm 33 and married without kids and I'm so ashamed... I feel like I've ruined my chances of ever having a family or owning a house. Believe it or not, apart from the Gambling, I am and was the most sensible and savvy person when it came to money. I was such a good saver and was very thrifty.

FAO Fatbelly and Sourcrates - I'm not working at the moment (I was made redundant) and I have just applied for Job Seekers allowance for the very first time ever being on benefits. Technically my husband who is in full-time employment can pay off the minimum balance off all 5 cards however it will obviously take years and I think it will take me a while to find another job in this climate. Would you recommend slowly paying them off over a DRO?

Many thanks and look forward to hearing from you all.

Also - is this anonymous? No one can see who I am? (My situation has lead me to come out of my comfort zone and write on a forum for the very first time).

You are completely anonymous.
You are also over the threshold for a DRO. Why not consider bankruptcy?
There is a slight risk of a BRU (in  bankruptcy) or a DRRU (in  a DRO) - it wouldn't impact your eligibility for either scheme.

Beoptimistic

Thank you Fatbelly. My Debt Advisor at Citizen's Advice has recommended I pay towards the debt to get it under £20,000 for the DRO. If I had a DRRU do you know what it will likely be? Do you think this is the best route opposed to paying them off over the next 5 + years?

Do you know if people ever rebuild their life after insolvency and get a house and have children etc? I feel like it's so final.

fatbelly

Say your debt is £21200. To do a DRO you will have to pay £1200 plus £90. To go bankrupt you pay £680. Why is she recommending a DRO? Are you protecting a vehicle? Is your surplus income very near the plus £50?

This is only a very general answer but people whose debts have been incurred by gambling either get no restriction order or a relatively short one, say 3 years. I suppose you are more likely to 'fly under the radar' with a DRO. Is that why she recommended it?

Any form of insolvency stays on your credit file for 6 years, then disappears.

You don't have much income at the moment so repayment isn't really an option. However, if you regain a job, it may be. If you are in a DRO, you stand to be revoked if your surplus income goes above £50. With bankruptcy you just pay your surplus for 36 months.

sourcrates

Beoptimistic said:

Do you know if people ever rebuild their life after insolvency and get a house and have children etc? I feel like it's so final.

Lol, of course they do, nothing lasts forever, due to circumstances mainly beyond my control, I`ve been insolvent twice and bounced back twice, (not looking for a 3rd time believe me) you should treat it as the start of the rest of your life, rather than the end of it.

mazda333

Beoptimistic said:

Hi all and Mazda. 
I'm just wondering if you have an update on your situation?
I too am in a very similar situation to you due to Gambling and I have just over £21,000 in credit card debt. I have spoken to a number of people including Citizens Advice who have advised that a DRO may be the best possible solution. I asked her today if my Gambling records will impact my eligibility and she wasn't sure... she said it may lead to a DRRO or DRRU. I'm wondering if this happened to you?

I'm 33 and married without kids and I'm so ashamed... I feel like I've ruined my chances of ever having a family or owning a house. Believe it or not, apart from the Gambling, I am and was the most sensible and savvy person when it came to money. I was such a good saver and was very thrifty.

FAO Fatbelly and Sourcrates - I'm not working at the moment (I was made redundant) and I have just applied for Job Seekers allowance for the very first time ever being on benefits. Technically my husband who is in full-time employment can pay off the minimum balance off all 5 cards however it will obviously take years and I think it will take me a while to find another job in this climate. Would you recommend slowly paying them off over a DRO?

Many thanks and look forward to hearing from you all.

Also - is this anonymous? No one can see who I am? (My situation has lead me to come out of my comfort zone and write on a forum for the very first time).

I was granted my dro on 7th February and I would say 99% of my debt was due to gambling.  I haven't heard or received any correspondence  from any of the credit card firms  I owed money to, not even an acknowledgement of my dro.  I'm not too bothered if I hear from them or not, I've put myself through enough turmoil over the years, all self inflicted.

If I do end up with a restriction order I can live with that because  I know it can take a while for the OR to get in touch about it, but in the words of Doris Day......whatever will be will be.....

Getting a dro was the best thing I've done, huge weight of my shoulders.