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Waiting for debts to default before entering a DMP?
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As long as that's secure, there's no real downside to a DRO as you are going to be on benefits for a while.
If you've have not made a mistake, you've made nothing0 -
Thanks RAS, what would you say would be the the best time to go the DRO route? If I take away all of the interest I am paying at the moment, I would have more money that I could I use, so well over £75 left over per month, more like £500/£600 (that's £400 for essentials & £200 that I predicted I would have to pay back per month). Is that too much, would they demand more?
Sorry for the questions, I thought I knew the way forward, but now I'm not so sure.
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(and yes, it is a full secure tenancy - I am glad your brought that up, I didn't want to give that up if I could help it - It's really the first place I have ever felt secure, and the housing association are actually pretty decent, I can't complain too much - they are Clarion Housing)
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In a DRO you do not make any payments to any of your creditors.
To work out if you would qualify or not, do a comprehensive budget and include everything you spend money on except your debt repayments.
Most people don`t budget correctly first time around, so give it some thought, if the figure you are left with after that is £75 or less, you would qualify under current rules.
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-letter1 -
can we see a Statement of Affairs please?
https://www.stoozing.com/soa.php
Very few people on benefits have anywhere near that amount of money "spare" a month.0
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