Money wellness DRO

ManyWays

However MW communicated with him, an address has to be included in a DRO application. If he is homeless, the Insolvency Service says, "If the debtor does not have a fixed abode, you should use a ‘care of’ address. You can use the approved intermediary’s office address, as long as the debtor can receive post delivered there."

Has he checked the Insolvency Register https://www.insolvencydirect.bis.gov.uk/eiir/search to see if his name is on there? 

sourcrates

I doubt it would be a scam, Money Wellness are a recognised intermediary, and as you make no payments and pay no fee in a DRO, there is little financial benefit to any scammer.

Manyway`s suggestion to look for his name on the insolvency register should confirm things.

BeeGardiner2024

Hello Everyone,
My husband & I have been in touch with the Money Wellness for about 2 months by now. After initial, 5 hours consultation, they decided/ recommended a DRO for my husband and an IVA for me. Previously we were in touch with the Pay Plan, and they were pushing for 2 separate IVAs for my husband and for me. The thing is, we already had one IVA, in 2021, with Insolvency Company and our both IVAs failed, in October 2023. After that we contacted the Pay Plan. They put us on the Breathing Space 3 months period, in February 2024. That was after my husband lost his job in October 2023. The Breathing Space was still a challenging period of both of us looking for a job and living on UC and Child Benefit only, for 5 months in total. We obviously acquired new debts. The emotional and mental impact was unbearable. Some time after the Breathing Space I came across the Money Wellness and what they were initially saying was more promising that the PayPlan, so we decide to go along with them. However , what I find difficult to comprehend is the way they split our income between the two of us and consider a DRO right for my husband and an IVA for me. From my research I know that after the fallen IVAs we should have been put on DROs by our then Insolvency practitioner. The Money Wellness are not offering that to us both, just to my husband, and the PayPlan gave us that Breathing Space but did not even mentioned DROs, even though the level of our debts qualified us for that option. We are both employed & self employed now; I started a new job in March last year, and my husband in February. We run a business partnership and have each a small income from it, on top of our salaries. Our joined  income still requires a support of a U.C. and we only ever reach monthly between £3200-£3500, including UC. We still struggle with bills being paid on time, and with covering family needs. We have three children between us, one of them an young adult at university. My middle child, a 17 years old son goes to college and works, but has very small salary and chronic health conditions that recently are getting progressively worse. My adult daughter has lupus, a chronic autoimmune condition. Our talks with Money Wellness have not been finalised yet; it's been taking so long that I wrote a negative review for the at the Trust Pilot , and after that they speeded up a bit. I would definitely appreciate a good advise from the experts and members here. On the top of this dialog you are mentioning that the Money Wellness are not usually recommended here. In our situation then, what would be your best possible advise then. Thanks a lot in advance. Regards & Happy & Truly Good Year to Everyone here. Barbara

sourcrates

@BeeGardiner2024 Hi, just a few questions for you, how much debt do you both currently have, and are you homeowners or renting?

IVA`s do have there place, but only in quite limited circumstances, its basically bankruptcy for homeowners, your asset (your home) is protected in an IVA, and if you have unaffordable debts, a large portion can be written off, but they have a terrible reputation for being mis-sold to those who should never have been sold one in the first place.

DRO`s have certain criteria you have to meet, the main one being the disposable income level of £75, if you have even £1 over, you will not qualify.

A failed IVA does not automatically mean you should be placed on DRO`s, you must meet the criteria for a DRO.

The qualifying circumstances for all debt solutions are clearly stated on most debt advisors websites, so doing your research beforehand is vital so you know what you will qualify for and what you won`t.

ManyWays

What reason have MW given for saying a DRO is not suitable for you?