DRO or DMP??

Sophs2345

Right me again... I'm actually now unsure whether I should do a DRO. I've got a total of 5k in debt. It will take me around 5 years to clear at what I can afford on a dmp.
Now would this be better than a DRO??
I guess that credit falls off 6 years after default. So wouldn't this be sooner than a DRO if I have already defaulted awfully nearly a year ago ?
Any help will be greatly appreciated.

MrLolly

Put it this way: if you can avoid any form of insolvency then I think it’s always the best route but ONLY if your circumstances allow the debt to be repaid in a fair/reasonable amount of time.

As many on this forum have said- there is absolutely no point in living a terrible quality of life just to service your debts for years, as that’s bad for your mental health.

However, if you truly can afford to repay your debts whilst living a modest but happy life, then personally I’d rather go for the DMP (I had a DRO but would have taken 12 years to clear the debt and mine was much higher).

Use StepChange Online Debt Remedy- it will be helpful.