question category: Debt Relief Order

How will a debt relief order effect my future?
Submitted on: 30th Sep 2010 by Non-Member | Total Answers: 3

I am unemployed and owe £8000 from a career development loan, I have missed 3 monthly payments. I have been advised that I qualify for a debt relief order and wondered if it is worth it. If I apply and then get a job a month into it, will it still affect my credit rating in the same way it would if I was on it for a year and had my debts cleared?

If I applied for a DRO and started a Science PGCE during the first year would it be revoked (I would get £9000 as a government incentive to do the PGCE and be entitled to a student loan for fees and up to ~£4000 for living costs)?

Should I consider bankruptcy instead? Or should I not risk my credit rating just yet and add the monthly payments to my credit card until I get a job? If I get a job in a month or so I imagine this will be better than ruining my credit rating for 6 years?

Thanks for any advice!

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