DRO and existing car finance

wwood991

Hello 

I contacted PayPlan regarding my debts. A friend of mine was on a DRO, and CAB didn't see a problem with him keeping his financed car, but when I asked about this was told I couldn't have a car on finance during a DRO? All CAB did was exclude it from his debts (I think). I am confused. She said if not for the car I could have a DRO. So my options now are an IVA or DMP. I've had an IVA before but pulled out from it because it was costing me a fortune. A DMP would take me over ten years to finish. 

Is it correct I can't have a car on finance? The valuation from them was only £1500 ish which is a kick in the teeth as it was £5999 less than two years ago.

Thanks for ant help. 

fatbelly

Knowledge of the dro rules amongst advisers seems to be declining with time.

The rules that you and they must follow are here

https://www.gov.uk/guidance/debt-relief-orders-guidance-for-debt-advisers#hire-purchase-agreements

ManyWays

Payplan hardly do any DROs any more so I suggest you talk to CAB.