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Debt Relief Orders (DRO) - Information & help thread
Info from Government website : https://www.gov.uk/government/publications/getting-a-debt-relief-order/getting-a-debt-relief-order National Debtline: https://www.nationaldebtline.org/EW/factsheets/Pages/37%20EW%20Debt%20relief%20orders%20%28DROs%29/Default.aspx
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Individual Voluntary Arrangement (IVA) & Debt Relief Order (DRO) Info, advice and help thread.
Updated 21/05/2023 DRO (Debt relief Order). There is info on the net and in the link provided below, but these are the main practical features - (1) Total debt must be no more than 30k (2) Must not be a homeowner (not even with neg equity) (3) Asset limit is now £2000 as well as a vehicle valued at up to £2000. (4) Monthly…
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IVA & DRO Board Sticky
Hi folks :) This is the new IVA & DRO Board Sticky where links to all current important threads will be kept. Links: Debt Relief Orders (DRO) - Information & help thread IMPORTANT READ FIRST - Where to seek IMPARTIAL FREE advice DRO s and benefit overpayments IMPORTANT - Beware of advice via PM
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Iva and injury conpensation
Evening, i am in an iva, and couple weeks ago i was in a car accident , the 3rd party is 100% at fault an the insurance is taking care of it , i am undergoing whiplash physio an treatment fir anxiety as a result, i am wondering do i keep any compensation for injury? any help wil be great thanks
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Should I Pursue IVA Mis-selling?
I have been doing some research and really feel that I was mis-sold my IVA with credit fix... I was told a lot of half truths and wasn't fully aware at the time the impact it would have on me long term. It was the start of the pandemic and my job prospect at the time wasn't good, both myself and partner were at looking at…
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DRO Pay rise of 135£
Hi It looks like I got a pay rise of 135£. It still makes my income much smaller than outome bills etc. by over 100£. Do I need to inform them of this change? It doesn't make me have any spare money at the end of the month anyway.
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Mortgage 8 years after DRO
About to apply for a mortgage - do I have to disclose that I had a DRO (8 years since end of moratorium) even if it has been removed from the register and my file? I'm fortunate enough to have a deposit that takes me over 50% and my credit rating is now very good. For most lenders would this outweigh the past DRO?
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Current account with DRO
Hi, My DRO has recently been approved for two overdrafts and two credit cards. I have a normal current account with Barclays which I have never owed money to same with my chase account. Will I lose these accounts seeing how they are normal current accounts or will it be fine? I got told you need to have a basic account I…
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DMP or IVA with one person self employed?
Hi, my husband and I got into some debt buying our first home and it’s become completely unmanageable and unaffordable. We’ve been paying these debts for 2 years with no end in sight, it feels like we are trudging through mud. I contacted stepchange who said they couldn’t help us because my husband is self employed but…
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closed please delete
closed please delete
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DRO - Possible? as have recently in past months been a homeowner
We recently sold our home and I couldn't get onto the JT mortgage (poor credit history) for another home, so partner had to go for mortgage alone. I am married and living in the new home for last 6 months. The funds after sale was below £23k and went into the new mortgaged home (£70k Mortgage for partner too) I have long…
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Stats and info on the DRO Hubs
Interesting article by Debt Camel https://debtcamel.co.uk/dro-hubs-2023/ This covers the period in which Stepchange (charity) went from the largest provider of DROs to zero, and Money Wellness (commercial firm aka Gregory Pennington) went from zero to becoming the major provider. A distortion entirely caused and engineered…
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IVA and renting
My monthly rent is over £800, an equity release agreement, the landlord wants me to leave. When I request the viewing of a property I'm asked what my inome is, but using the rule that rent should be a third of my annual income my rent is limited to £550. How can I get around this:I have proof of all my rent payments.
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IVA finished but just had letter from credit card co
My IVA finished in December, but today (3/4/24) I have received a letter from a credit card company showing that I still owe nearly £3000. I don't know what to do about this. I think I should ignore it, but as my IVA has finished, it should only show on my credit file until December next year, but if this credit card debt…
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Phone bill& DRO
Hello I really need some help. I got my dro out maybe a year ago Now and I got told to add my phone contact even thought I was still paying it off. I got advice to continue to pay it off even though we added it to the DRO. in recent months I’ve struggled to pay it and it’s now been sent to a debt collection company. I’ve…
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Land Registry notice & IVA Completion certificate with Debt Free Direct
Hi, I completed my IVA back in 2014 with Debt Free Direct. I never received a completion certificate and they now no longer trade. I am now in the middle of a re-mortgage and I have additionally found that they never removed the Land Registry notice on my property... Is this going to be easy to resolve?
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Who are Orbit?!
I've been paying DCAs every month without fail via my bank account as agreed with CAB many years ago & I've never failed any payments. They have habit of passing my accounts onto other DCAs even if my payments are being made to them. I'm having to deal with my partner who has cancer & had some removed in order to live a…
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IVA And Savings Question
Hi, Currently i have 21k of debt. I was on a debt management plan paying 139 per month This was working, but recently one of my creditors said it was only for 6 months and have started charging interest. Also have a Line of credit and short term loan. Total monthlies on Repayments is about 400 plus 300 for finance. When i…
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Claiming mis-sold car finance whilst in a IVA
So I have just sent the template for Mia-sold car finance from a few years ago ( fingers crossed ) I get something , but I have 11 months left in my IVA . I have had a PPI claim awarded recently to my current vehicle finance and that was paid off and outstanding compensation was paid directly to me . However this new claim…
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Will this IVA never end?
I’ve due to end but they want to extend it
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Mortgage and IVAs
Hi! Looking for some help and advice i took an IVA out 2 years ago, I have recently settled it with a lump sum instalment i have 2 CCJs that are currently 2 years old (Debts included in IVA) my credit rating on Experian is 489 I spent 3 years when I was 18/19 in an abusive relationship where I took out multiple loans and…
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IVA
Hi, I am currently nearly 2nd year into my IVA. I’ve been reading this forum and questioning whether an iva is right for me now. I fell for the ads on social media and foolishly didn’t do enough research. Nevertheless I’m stuck in it now and making the best out of a bad situation. I needed to sort my finances out as was in…
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Full and final settlement IVA
Morning all, Looking to see others experience of full and final settlement with creditfix. I have been in my IVA since March, paying £150pm for 5 years but with property clause. My property has no equity and will have none in 5years also. My job changed decrease of 5k a year and bills increased April, I have done a new I &…