Iva or dro comparison advice please.

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julie211
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by julie211 » Fri Feb 09, 2018 11:04 pm
Would like to know the pros and cons and is a dro just as risky as an iva? We were very close to doing an iva but have held off as would like to be as sure as we can be on best option. It's such a big thing to get into. We like the sound of an dro now. But need lots of honest genuine facts first from people who have first hand experienced a dro and iva.. We have £15,000 of debt to come to agreement on and low income and no assets whatsoever over £500 tops for our car. We are upto date with our creditors, however, that's because we have used overdraft and credit cards to keep us from drowning yet it's coming that's why we are looking to iva / dro.
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luluj
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by luluj » Sat Feb 10, 2018 7:11 am
Difficult to give the advice without sitting down and listening to your fall case. I wluld approach two or three providers and seek their advice - with that level of debt you are probably borderline for DRO ... have you also considered bankrupty?

Let us know how you get on.
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Foggy
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by Foggy » Sat Feb 10, 2018 9:21 am
An IVA will tie you in for 5 or 6 years and every penny will be watched by your IP. You pay nothing up front wil a reputable provider. If circumstances change it could fail.

A DRO (have a look here https://www.citizensadvice.org.uk/debt- ... d-to-know/ ) will last around a year and will cost £90.

Both will trash your credit files for 6 years from the start date.
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kallis3
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by kallis3 » Sat Feb 10, 2018 10:22 am
Are you a homeowner?
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Foggy
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by Foggy » Sat Feb 10, 2018 10:30 am
Just a thought ... if you speak to a DRO intermediary, check the position regarding the pension fund. This may well be deemed an asset.
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Lisa Thomas
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by Lisa Thomas » Mon Feb 12, 2018 9:28 am
What assets do you own?

Do you have funds available to make regular contributions into an IVA?

Do you need to be the director of a Limited Company?

Most people tend to lean towards an IVA rather than BKY/DRO because they have assets they wish to protect that might be lost in Bankruptcy - usually a property, or they wish to continue to be a Director of a Ltd Company.

Here are a couple of my 60 second videos which might be of interest:

https://youtu.be/BtgpEX5mNDg

https://youtu.be/zrQruCDiw5w
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kallis3
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by kallis3 » Mon Feb 12, 2018 10:52 am
Repeating my question - are you a homeowner?
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