It depends on your own set of circumstances. Both will destroy your credit rating for at least 6 years and both have different criteria for suitability.
For a DRO, debts must be less that £20k in total and you cannot have any assets or disposable income over £50 a month. You are released from a DRO after only 12 months. https://www.gov.uk/government/publicati ... lief-order
There are, of course, other considerations and criteria and you would be better advised if you discussed the whole situation you are in with an insolvency practitioner or two. A reputable firm will explain the pros and cons of all solutions for you to make an informed choice.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Speak to several companies before making a decision.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sun Aug 11, 2019 2:35 pmbowline wrote:
You might do better to talk to a firm that sets up DROs. Very few IVA firms do. Try your local Citizens Advice.
If you meet the DRO criteria it will always be better than an IVA. No exceptions.
Unless your employment terms forbid them or you simply wish to try to pay as much as possible towards your debts --- granted that if you truly cannot afford more than £50 per month (disposable income) this might well be the only option. But ...there are always exceptions.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
We cannot give specific advice - you need to speak to a few companies and go through your options with them.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
A DRO,if you qualify, is over within a year,whereas an IVA will take 5 or 6.
If you qualify for an IVA, you will not qualify for a DRO!
Everything will depend on the level of debt, any assets you have and the amount you can afford to repay (according to agreed guidelines, not according to you!).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
