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DRO Concerns
Hi there,
I wonder if you can advise on the below,
I've accumulated about £2500 worth in debt through stupid loans etc over the space of 6 months. I suffer with schizophrenia and long story short i had some long term sick off work which led me down the rabbit hole of accumulating debt.
I was offered a DRO as opposed to a DMP that sounded 2 good to be true!
My income is low and at the time of approaching Angel Advance for some advice my expenditure exceeds my income by about £30.
Before I go ahead with this i just wanted to know what actually happens if for example i get 2nd job doing a bit of bar work on the weekends, or i get a small bonus from work. What happens if i start saving what little money i have during the 12 month period.
I'm sure i overthink a lot of this but when i just want to know the pros and cons before I go ahead with this.
KInd Regards
Ryan Bigby
I wonder if you can advise on the below,
I've accumulated about £2500 worth in debt through stupid loans etc over the space of 6 months. I suffer with schizophrenia and long story short i had some long term sick off work which led me down the rabbit hole of accumulating debt.
I was offered a DRO as opposed to a DMP that sounded 2 good to be true!
My income is low and at the time of approaching Angel Advance for some advice my expenditure exceeds my income by about £30.
Before I go ahead with this i just wanted to know what actually happens if for example i get 2nd job doing a bit of bar work on the weekends, or i get a small bonus from work. What happens if i start saving what little money i have during the 12 month period.
I'm sure i overthink a lot of this but when i just want to know the pros and cons before I go ahead with this.
KInd Regards
Ryan Bigby
0
Comments
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Strictly speaking if your surplus income exceeds £75 at any time in the 12 months the DRO should be revoked.
However, increased income comes with increased expense and you are not strictly policed.
Which organisation is doing your DRO?0 -
Money wellness0
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Double check that they won't be charging you for anything. I believe that StepChange, NationalDebtline, Community Money Advice (CMA) and Christians Against Poverty (CAP) don't charge as they are charities so might be better options.biggers91 said:Money wellnessI’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe and Old Style Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇0 -
Money Wellness are a DRO provider and there is no fee now.
Its a very small debt to be entering into a DRO for, but I guess if your expenditure exceeds income, and you qualify in all other respects, then so be it.
Ideally you need 12 months of financial stability in order to pull this off, but as fatbelly hints at, extra income can usually be justified by extra expense, and no one will be watching you.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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