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DRO and existing car finance
Options
wwood991
Posts: 2 Newbie
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.
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.
0
Comments
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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
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Payplan hardly do any DROs any more so I suggest you talk to CAB.0
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