I am thinking of getting either a DRO or a IVA I can do either as one of the debts is with my parents so I am either above or below £15,000. But I am going to start to do my law degree in september so need to know would a DRO affect which careers you can go into like the bankruptcy.
I really need help as I am getting ill off all the stress now!
Hi and welcome
The DRO will be a better option for you as it will last twelve months as opposed to 60 months with an IVA.
Both the IVA and the DRO will be on your credit file for six years.
Both will be based on your disposible income so if that is above the £50 then a DRO will not be possible.
You really need to have a chat with two or three companies/individuals who are able to help and advise you.
Regards
Ok but will a DRO affect my career as i know bankruptcy can which is the reason I have not gone down that route.
I know you can't join some professional bodies and such so this will be the main deciding factor not how long it lasts as as long as they are manageable payments thats all I care about
Not sure whether it would have the same effect or not.
If you visit www.iva.com you will find a list of companies and reviews. Give one or two a ring and you will get free and impartial advice about all the options open to you and the best one for your circumstances.
One of the professionals should be able to answer your question for you.
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
Hi
I think bankruptcy, IVA and DROs will all be seen in the same light. All are placed on the insolvency register as all are formal insolvencies. You may be better checking with the various regulatory bodies that cover the profession that you wish to go into
Regards
Hi from me. I have not seen your earlier post yet but you can only have a DRO if your DI is not above £50. See my latest blog for particulars of same.
You need to have a chat with an IP and give him/her details of all your personal and financial circumstances and particulars.
Visit www.iva.com for reviews on firms and practitioners and select one or two to have a chat with. They will give you
the most appropriate advice and it is free. You will then find out what is best tailored to your exact circumstances both financially and educationally. Keep us informed as to what you decide to do.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
