DRO

sourcrates

People think of debt as a scary thing, when really it isn`t, debt advice organisations/creditors etc try to paint the picture that terrible things will happen should you not keep up with your payments, when in reality nothing could be further from the truth.

My point being, take your time, nothing bad will happen.

Debt collectors/creditors can write/phone, email and text you trying to encourage payment, but they can`t force payment from you, even a court judgement can`t, they would have to spend more money enforcing that judgement to get anything out of you.

A system used by some is to ignore everything, wait until the debts are old and get sold on, then settle for as little as possible, obviously taking notice of any potential legal action being considered along the way.

There are many ways to deal with debt, just find the way that works for you, don`t think you have to conform to what anyone else tells you.

Savenotspend123

Thank you. I appreciate it. It puts my mind at rest. My husband is convinced we will be on the TV on the Bailiffs Programme! Lol 😆

fatbelly

Savenotspend123 said:

Thank you for your advice. We thought the DRO was the right decision for us but we will probably have to do a self managed dmp initially. My son left school in July and he was due to start an apprenticeship in Sept which results in child benefit and Universal Credit reducing and meant we had little left to pay any debts (around £60 left). He was let down and now he is going to Sixth Form which means we will keep those benefits and obviously it leaves us with more spare (over the DRO threshold) around £150.  He is however still going to be looking for an apprenticeship and could possible leave sixth form in a few months which means again our income drops so we can look at a DRO again then. We stopped payments in June and have no contact with creditors. No defaults yet and we are managing to put money up for emergencies so that's good. 

That sounds like a good plan.

Let us know how you get on