How's your experience been with a DRO?

Zellyrs

Hi everyone,

I'm in the process of considering a DRO but not 100% sure yet. It's more that I'm scared, feeling of guilt and stuff. 

For people who have been on a DRO or any type of similar system, how's it been? How was life at the start with all this worrying, how's life now after the six years with the fresh start? Any complications during the 6 years?

I'm just wanting to gather real life experiences before I make my decision, and what to expect. 

Thank you in advance. 

elsien

in line with your other thread, why are you considering a DRO as opposed to a DMP? 

And for a DRO, you can only have a car worth up to 4 grand. What is your plan for your current car?

You might be better, just keeping everything in one place on the one thread. 

Zellyrs

elsien said:

in line with your other thread, why are you considering a DRO as opposed to a DMP? 

And for a DRO, you can only have a car worth up to 4 grand. What is your plan for your current car?

You might be better, just keeping everything in one place on the one thread. 

Looking online, I could be wrong but this only matters if the car isn't on any finance, the car itself is a secured debt with the creditor as it's on finance.

The DMP I did look into, but looking online at stepschange, they can still chase you, could apply CCJs and with my circumstances unsure for the future in terms of income due to my health issues it feels like I'll have the debt for rest of my life because the payment monthly will be so low. It's just how I feel when I read about DMP. 

elsien

Firstly you don’t have to do it via a step change. The advice on here is normally to stop paying your unsecured debts and build up an emergency fund. Once they have defaulted, then you can set up the DMP tonight to make payments. 

There is a very small chance that you might get a CCJ. From the debtor advisors (@Sourcrates)  who post on here that very rarely happens. And even if they do, in practical  terms it will make very little difference. A court cannot order you to pay money that you simply do not have, your creditors will end up with token payments anyway, and it’s not worth them paying it to go to court in that instance.