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  • FIRST POST
    • sammibo
    • By sammibo 15th Apr 18, 1:57 AM
    • 8Posts
    • 1Thanks
    sammibo
    DRO queries
    • #1
    • 15th Apr 18, 1:57 AM
    DRO queries 15th Apr 18 at 1:57 AM
    Hi all, just need a bit of advice.

    I'm in debt (11k) and have made some enquiries to StepChange. I'm applying for benefits too, so I haven't made a decision yet as my income may increase. My creditors have accepted token payments so no preferential treatment is being shown.

    I want to take a DRO but how difficult will it be to get a mortgage in the next couple of years realistically? When I renew my phone contract in 14 months, will I be rejected? I'm married and my partner doesn't know about my debt...
Page 1
    • debt doctor
    • By debt doctor 15th Apr 18, 11:56 AM
    • 4,334 Posts
    • 6,004 Thanks
    debt doctor
    • #2
    • 15th Apr 18, 11:56 AM
    • #2
    • 15th Apr 18, 11:56 AM
    Hi,

    Most financial information - good or bad - goes on your credit files and once there will stay there for 6 years.
    You would find it incredibly difficult to obtain a mortgage within a few years of a DRO - however, if your credit debts are on token offers, you wont get a mortgage any time soon on that record either.
    Your credit rating is already damaged, what matters is (if you qualify) what will a DRO do for you?
    If you need protection from the pressure of creditors or you feel these debts could go on for ever if you don't do something then maybe a DRO is a way forward.
    DD
    Debt Doctor, Debt caseworker, Citizens' Advice Bureau .
    Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***
    • Twubble
    • By Twubble 15th Apr 18, 2:21 PM
    • 58 Posts
    • 13 Thanks
    Twubble
    • #3
    • 15th Apr 18, 2:21 PM
    • #3
    • 15th Apr 18, 2:21 PM
    Probably a good idea to let your husband know about your debt. If you have linked finances a DRO is going to affect his credit rating as well. Six years is a very long time to try and hide something as big as a DRO. Good luck.
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