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Dro Advice

in IVA & DRO
4 replies 111 views
Jordantaylor89Jordantaylor89 Forumite
9 Posts
First Post
Forumite
 
Im jordan  just after some advice if possible please. I spoke to step changes about my situation  which they recommended a Dro.

My debts are a total of 19100  consisting of a loan  couple cc cards and store cards.

For the past 18 month or so i have been paying each creditor £1 token payments
But i have been payinfg back my parents as i owed them alot of money and just felt guilty.

5 months ago  i got  made redundant  received 9k redudancy money, which i gave half to my parents as i owe them  and the rest on non essential items and just generally getting by.

After reading other peoples storys on this forum its just got me all confused  and just wondering  what to do.

i currently don't work and live with my parents  i have no assets  but i i do have 900 cash in the bank  whats left of my redudancy.

Any advice would be much appreciated
please dont judge i know i have been wrong. Cheers.




Replies

  • fatbellyfatbelly Forumite
    17.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Forumite
    Hi

    You have to apply through an intermediary and stepchange have a lot of them.

    So continue to work with them. I imagine they wouldn't have recommended a DRO if they weren't happy to do that for you.

    Your £900 cash is an asset and you are allowed to have £1000 assets - you will of course need to spend £90 for the fee.
  • Jordantaylor89Jordantaylor89 Forumite
    9 Posts
    First Post
    Forumite
    Hi  thanks for that.
    Just been reading up on a dro
    says online you could potentially get further restrictions
    how likely is this cheers👍 
  • fatbellyfatbelly Forumite
    17.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    Forumite
    Never seen a DRRO -  that's how rare they are.

    In theory they're like a BRO - just the normal restrictions, for a longer time.

    • you can't borrow £500 or more without telling the creditor about the DRO
    • you can’t get involved in promoting, managing or setting up a limited company, or be a company director, without getting permission from the court
    • if you have a business under a different name from the one under which you got the DRO, you’ll have to tell everyone you do business with the name you used when you got the DRO
    The Stepchange intermediary will advise you how to answer the question about preferential payment.
  • Jordantaylor89Jordantaylor89 Forumite
    9 Posts
    First Post
    Forumite
    Thank you fat belly much appreciated
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