Scared but going with DRO!! Questions!

Limaspoon0204

So I'm finally accepting that I can't manage my debt anymore but I have a few questions. I have been majorly struggling for around two and a half years after having to leave my job due to health issues and then having my ex stop paying child support for almost two years. I've gone through step change and they say I qualify for a DRO. My debt is around £10,000,i have a low income due to being a single parent and on Esa. One thing I struggled with though is the budget. So far I haven't missed any payments towards my debts because I'm such a worrier, but I basically can't afford anything other than food and I have a very small strict budget for that, so my question is, is that okay? If I actually stopped paying for the things we need on credit, I wouldn't have enough to pay my debts and would have less than £50 left each month for them.
My second question is related to timescale. How long am I looking at from when I send the initial forms back to step change? I want to time it right with moving things over to the basic account I've opened and in stopping payments to debts so they don't start pestering me. I'm very anxious about it all so want to make it as painless as possible.
My final question is just to give me some piece of mind. Does anyone regret getting a DRO? I currently have a good credit score of 918 but I also can't get any more credit or move my debt to a 0% interest loan for example, it's just because I never miss a bill, I'll starve rather than do that normally, but I know I need to do this, I can't continue like this, I'm just terrified of how it will affect my future and of getting letters about what I owe.
Oh, also, I don't have any rent arrears but could my landlord find out about the DRO? 

MissFlossy222

I didnt want to read and run. I know that Stepchange will want to see a budget that balances without any debt repayments, and that has a surplus of less than £50 a month (not a problem if you're on benefits). 
Once you've started the DRO  it will affect your credit rating. It will be on your credit report for 6 years so it will be difficult to get credit during that time.
Stepchange are excellent though and will take you through it all but how long it takes depends on how busy they are and how long it takes you to provide the info they need. If you have details of all your debts, including account numbers, that always helps.
Its incredibly stressful, I know, but if you have no assets a DRO is a great debt solution. There may well be a gap between you stopping paying your debts and starting the DRO but your creditors will only send letters or call. By the sounds of it you haven't defaulted on any debts and so bailiffs etc are a long long way off. 

JonVarnas

Hi, first of all don't be scared. Once you submitted the application you don't have to do anything else but count the days until the DRO is finished - it is really quick and easy. I entered a DRO in September: I submitted the application on a Friday and it was accepted by the Insolvency Service the following Wednesday. The IS just took care of the rest. A week later the DWP were notified and my UC advance and tax credit repayments were immediately halted and at the same time my water company closed my account. I did receive a "Letter before action" from one of my creditors but once I sent them a copy of my DRO they stopped all action. I've heard not a peep from the rest. As for your landlord, unless they do a credit check on you (or were one of the named creditors on your DRO), then they won't know.

My circumstances were similar to yours and getting a DRO was the best I thing I have done regarding my debt. I just wish I had done it sooner. Good luck.

*just to add, when paying your fee you now have the option of either paying at the post office or by bank transfer. I'd pay at the post office as I believe StepChange would have to wait a couple of days before submitting the application.

Limaspoon0204

Thanks for the replies, I really appreciate it, I'm just so stressed but I feel this will be the best choice in the long run. 

1977dave

I'm in a DRO with 8 days left to go and I can honestly say that it's one of the best things I've done and I should have done it sooner
I went from having no debt at the age of 40 to being 13k in debt by the age of 42 after losing my job, breaking my back twice, in and out of hospital and just trying to juggle things to the point I couldn't pay debts anymore, I was going to go bankrupt thinking I wouldn't be eligible for a DRO but after speaking to Stepchange a DRO was the way to go, as soon as it was granted, it was a huge weight lifted off my shoulders, the only thing I was worried about was if there was an increase in income but then Covid hit and having to shield, there was no way as I was going back to work anytime soon, but now that worry is over

Timescales - I started my application in January 2020 and it took about 3 weeks from start to finish as I already had all my paperwork from debts, creditor details etc as I was going to go the BR route, I'm guessing with the current conditions it will be longer, but it's important to start the application so that if any creditors contact you, just tell them you're working with a debt charity towards DRO which should take the heat off and then just ignore any calls or letters

Best wishes to you and I hope you get things sorted soon and on the path to a debt free future