DRO/Bankruptcy - your experience please

[MONEYse3]

So i am going for one of these, if you have or know someone who has done it, please let me know your experiences with life in general,
Pros/cons etc

I was stupid with money, lived the fast life, married, divorce ruined me financial also.

Please talk to one of the debt charities, eg Christians against Poverty. They can help you get a grip on your position and work out the best option for you. They don’t charge a fee and you don’t have to be a Christian to access CAP
https://capuk.org/get-help/cap-debt-help

I worked for over 25 years for an Insolvency Practitioner, so saw many people go for this or bankruptcy and although it’s not the position most would want to be, it is sometimes the best and only option available. The main problem is that your credit rating will be bad for a period of 6 years where you won’t be able to obtain any further credit and unless your circumstances change your debts will be written off after a year.

I’ve worked for about eight years as a volunteer debt advisor and helped probably a couple of dozen people through DROs. If you fit the criteria they can be an excellent tool and our clients are generally very grateful.

The major drawback is that it’s likely to make it difficult or impossible to buy a house in future.

Surely someone who’s been bankrupt or had a DRO will not be prevented from buying property when it's gone from their credit record after 6 years?

I had an IVA about 20 years ago so in between the 2 and have bought property, got new mortgages and used all sorts of loans and credit cards since (for cashback, Stoozing and to top up the money we'd saved to extend the house not to get into bad debt) and am now no different from people with a good credit history).

But yes OP you need professional advice from a debt charity. It might not feel like it now but it could be that one of those options is the best solution as it deals with your debt with a defined end point. Often without this, people will struggle on for years, paying thousands in interest, not making much progress and being hounded by their creditors.

My husband did, it did sort him out, it ended two years ago november, debts cleared and now his credit scores going up. He had to change his habits though. (He was a bury head in sand type) but it depends on how the debt spiralled in first place. (If just shit end of the stick pile up or my husbands case not being overly responsible)

Cons are awful I'll be honest:
Due to it being on his credit for 5 years he fails all credit checks which means.
No mortgage until it is off, can't rent through estate agents.
So if you will need to move house within 6 years it will have its challenges.

For us to move we were told we needed a guarantor and a year of rent upfront. Any mortgage hard no. But on the bright side, more time to save a bigger deposit 😂😂

Talk to Stepchange first. They are free to use.