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  • #16
    Re: Pro's and Cons

    Originally posted by Never-In-Doubt View Post
    Hmmm, wonder who funds this place? Barclays is a biggie (amongst others).

    You wouldn't - DRO is not a BR


    I agree a DRO might well be best for you, long term, based on the above but just make sure, if you do do it not to miss any creditors
    Thanks Niddy... My other concern is the review which is held after the 12 month period has finished, before they finally write the debts off. What form this review takes, like for example will they ask if I expect any additional incomes in the near future...in which case I would have to say yes, and that might scupper the job. So, I need to know what this review entails...before I set off down this road. I have emailed stepchange to ask in a round about way.

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    • #17
      Re: Pro's and Cons

      Originally posted by cardiac arrest View Post
      like something easier to potter around in than my 1874 built house....
      ^^^^ Does this suggest that you own your own house? If so then you wouldn't be entitled to a DRO unless the property is in negative equity. The maximum assets you can have is £300 (car excepted). I may have misinterpreted your statement Your profile page hasn't got any clues on this point.
      I don't give advice, I share wisdom. Whenever the chips are down there's always a Plan B

      I'm a fully qualified mother which is the hardest exam I've ever sat. I have other more formal qualifications which are less important

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      • #18
        Re: Pro's and Cons

        Originally posted by planB View Post
        ^^^^ Does this suggest that you own your own house? If so then you wouldn't be entitled to a DRO unless the property is in negative equity. The maximum assets you can have is £300 (car excepted). I may have misinterpreted your statement Your profile page hasn't got any clues on this point.
        Also, as a tenant I will likely move house at some point , like something easier to potter around in than my 1874 built house...that will require credit checks so that's another consideration. At some point soon I will have to make my mind up I know, as the clock is ticking against me.

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        • #19
          Re: Pro's and Cons

          just a thought

          how old are the defaults on your credit file, because they will fall off your credit file after 6 years regardless, unless you'v got a series of APs.

          I don't think landlords do a full credit check but a DRO would probably definitely show as although it's not bankruptcy, it is a form. The plus is no worry, and that is a big plus, but in the end, you need to do what's best for you and yours, never mind stepchange (who full heartedly do what's best for the banks as that is where their funding comes from) or us, it's you and yours that are important here. I'm presuming that if you are due to get your pension, you'll be giving up work? so not idea how that will give you more income?

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          • #20
            Re: Pro's and Cons

            Originally posted by MrsD View Post
            just a thought

            how old are the defaults on your credit file, because they will fall off your credit file after 6 years regardless, unless you'v got a series of APs.

            I don't think landlords do a full credit check but a DRO would probably definitely show as although it's not bankruptcy, it is a form. The plus is no worry, and that is a big plus, but in the end, you need to do what's best for you and yours, never mind stepchange (who full heartedly do what's best for the banks as that is where their funding comes from) or us, it's you and yours that are important here. I'm presuming that if you are due to get your pension, you'll be giving up work? so not idea how that will give you more income?
            Thanks MrsD. It's worry about the unknown possibilities, and having been on a tight budget for a number of years I was definately looking forward to having a life when I get to OAP age, I've even started to have a few dreams about the things I will be able do that I can't now. I would be totally gutted if I stayed in the same or similar position as I am now for the rest of my life, and maybe that is me answering my own question. Whatever happens it can't be me staying as I am financially, scrimping along, going nowhere and doing nothing. So I guess there is only one answer, and if I can't get credit, I'll just have to do what Niddy suggested, save up..As for your question, I retired early a few years ago, but with costs going up and my works pension not, I suppose I'm like many other people, finding it harder to get by.

            It's been really useful to share this and get others views, I don't know who else I could ask to be honest. I'll give it a few more days and let my mind settle a bit, then I'll decide for certain ..I know I need to act soon if it is the DRO route.

            Thank you

            Just as an addendum... I have worked for 38 years...so I've paid my fair wack in NI and tax and Pension contributions I think...
            Last edited by cardiac arrest; 20 August 2013, 08:19.

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            • #21
              Re: Pro's and Cons

              Hi CA

              I like MrsD's style on this. It would seem that you have a State pension looming up at the very least. If you have been receiving incapacity benefit on the run up to pension then there is an element of IC which you can claim. It is a calculation based on specific figure and is worth looking into.

              However depending on your circumstances, why do you want credit at this time of life? We thought that Armageddon would strike us and Death would follow on a pale horse if we could not get any credit. Wow how wrong that is. We have trashed credit files rating of 1! Normally EEK! However a life without credit is really good. We are on pension now with a bit we saved for as well and that does not even bring us up to the minimum's laid down as the requirements to live a basic life. Hence the assessments have to be very realistic and may be non existent if pension income becomes your only source. What proved to be the problem is the amount of interest that has to be paid on credit, its not what you borrow, We are not without worry as we are till battling but life has become easier now we have told them to go do one.

              Please be very careful with StepChange (CCCS), some friends whom we tried desperately to persuade to become active members here were stitched up by them for 14 years on an unsustainable amount per month for 14 years until they are 70. One creditor they failed to get them to freeze interest as well so the amount out of the pot they get means they will NEVER pay it off. So I would be very cautious.

              regards
              G

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              • #22
                Re: Pro's and Cons

                Originally posted by garlok View Post
                Hi CA

                I like MrsD's style on this. It would seem that you have a State pension looming up at the very least. If you have been receiving incapacity benefit on the run up to pension then there is an element of IC which you can claim. It is a calculation based on specific figure and is worth looking into.

                However depending on your circumstances, why do you want credit at this time of life? We thought that Armageddon would strike us and Death would follow on a pale horse if we could not get any credit. Wow how wrong that is. We have trashed credit files rating of 1! Normally EEK! However a life without credit is really good. We are on pension now with a bit we saved for as well and that does not even bring us up to the minimum's laid down as the requirements to live a basic life. Hence the assessments have to be very realistic and may be non existent if pension income becomes your only source. What proved to be the problem is the amount of interest that has to be paid on credit, its not what you borrow, We are not without worry as we are till battling but life has become easier now we have told them to go do one.

                Please be very careful with StepChange (CCCS), some friends whom we tried desperately to persuade to become active members here were stitched up by them for 14 years on an unsustainable amount per month for 14 years until they are 70. One creditor they failed to get them to freeze interest as well so the amount out of the pot they get means they will NEVER pay it off. So I would be very cautious.

                regards
                G
                Thanks Garlok..You make a very valid point about credit..and when I think about what you have said about being debt free, I think why would I want to get into a loan or a hefty credit line again ? Living within your means and keeping away from the loan/credit sharks must be the way to go...I did think that my old banger would need replacing soon, but I should indeed do like Niddy said, save up for it first. I'm grateful you have reminded me that life without credit is great...although I do have a credit card with a small (£500) limit on it now..my choice...and I declined the Banks' offer to increase it to £1,250...been there, done that ! So I suppose I have learned my lesson. I take note of your comment about CCCS, forewarned is forearmed...

                I don't have any Incapacities by the way...just the normal idiosyncrasies that's comes with getting older.....

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                • #23
                  Re: Pro's and Cons

                  Well, after mulling this over for a while I've decided not to bother with a DRO.

                  My reasons are basically that one debt (the biggest) has already been confirmed by the creditor that they will not pursue anymore due to UE (I believe although they haven't admitted this). I realise they might change their mind, but I don't think they will. The other is probably 50/50 UE but they are not hassling me, accepting token payments. Both are off my CRA file. I also feel I could fight either or both still if need be. If I was being hassled it might be different, but I'm not so I'm not under any pressure.

                  Also, looking to the future, I am concerned about the impact of a DRO on my file for 6 more years if I want to change my rented property (which I might do)...and any other credit checks like car insurance, for example. . I was pleased to finally have a clear CRA file..and want to keep it that way. I think the Creditors also think differently about you when they know the CRA threat has gone..it kind of removes some of their ammunition.

                  Only time will tell if this is a good decision or not, but with everything seeming nice and quiet at the moment plus the knowledge that I have this forum to help me if things do liven up a bit, I'm content to leave things as they are.

                  Thank you all for your comments and advice.

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