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DRO nerves and concerns
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Brighterfuture22
Posts: 6 Forumite

in IVA & DRO
Hiya. I’m new to using the forum but over the last few days I have read every DRO post I can find.
Me and my husband have struggled with debt for a very long time in that vicious circle of consolidation, borrowing, transferring etc. Preciously under a DMP via pay plan which was semi successful then we paid it off with a family loan which was paid back via a personal loan which was due to finish last year but we paid off early with leftover funds from house sale this leaving us £450 a month better off on paper but reality was this was not the case. The bills at our new rented property increased, petrol increased and before we know it the credit cards are maxed out, balance transfers are now getting interest and monthly payments made to spend again and that’s the vicious circle.
Anyway, we’ve finally admitted defeat and in contact with stepchange who have said individually we are eligible for DRO’s but my nerves are gone. I’m excited for the brighter future but scared of being rejected too. I’m reassured that they think my explanations for preferential treatment to the loan (husbands name) are acceptable. Just a waiting game once we finish completing the process.
Not sure what I’m asking by this post but I know there’s support out there from the posts I’ve previously read.
0
Comments
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If stepchange have said you are eligible then they'll make the submission, having checked the relevant facts. The chance of you being then turned down in negligible. Very few of these things ever fail. Most give a new start.2
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fatbelly said:If stepchange have said you are eligible then they'll make the submission, having checked the relevant facts. The chance of you being then turned down in negligible. Very few of these things ever fail. Most give a new start.1
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I used to be a DRO intermediary. Your intermediary won't submit your application unless they're sure you're eligible.
I've never had any rejected.2 -
Its pretty much a box ticking exercise, you must meet certain criteria to be accepted, your intermediary does most of the legwork for you, and as said above, it won`t be submitted if its likely to fail, I can`t find the stats for DRO failure rate, but I'd guess they are fairly low.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 forumteam@moneysavingexpert.com. 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- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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Thank you for the expert comments. I’m sure I’ll be back on here in the days to come if I have any questions but I ‘think’ I’m aware of all I need to be from reading every other post and previous advice given by you all.1
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Well my intermediary sent me everything today to check over following discussion after a few queries on credit check and disagreement over car valuation but it’s finally all ready to be submitted once I’ve made my payment tomorrow. They suggested will take about 10 days from submission so can feel the weight lifting from my mind already.1
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