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DRO
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Savenotspend123
Posts: 18 Forumite
After debt advice I am considering a DRO which I was hoping to apply for once I have stopped paying my creditors and all have defaulted which I know takes time, however I owe £2000 to a family member and understandably they would like it back. The only way I could do this is to do a money transfer from one of my credit cards to my account however how will this look? And will it stop the DRO going ahead? I am currently up-to-date with all debts with no missed payments and money transfers are available to me. Thank you.
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Comments
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Stop paying your unsecured debt, let them all default, use that money to repay your family member.
That way you are encouraging defaults, paying back your relative, and treating your consumer creditors fairly, thus complying with DRO acceptance criteria.
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Thank you for the advice. I get it is not ideal at all however the family member in question wants the money back now and we are no longer on good terms unfortunately. I cannot delay it any longer. I may have no choice but to do a money transfer. If I am waiting for defaults potentially the DRO won't be starting for quite a few months so would it affect it? I plan on building my emergency fund in the months before it starts.0
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There's no rush.
Remember you can have up to 2k in cash/assets and a 4k car and still qualify
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