-
First Class. I was in was in a mess with my debts, but the way they sorted out all my problems and made life less stressful was great. The service and speed in which they sorted my IVA was superb.
. . .Andrewvia TrustPilot
What is a Debt Relief Order?
A Debt Relief Order or DRO is a formal debt solution for people who are unable to pay their debts and that have very little or no assets (not exceeding £300). It is sometimes considered as a form of mini-bankruptcy. The Maximum debt level allowed for applying for a Debt Relief Order is £15,000 or less. You must have little or no disposable income (not exceeding £50 per month). You can keep your vehicle provided it does not exceed the value of £1,000.
If you are sutiable for a DRO, you will be referred to an approved intermediary. This is someone who has been approved by a competent authority chosen by the government.
A DRO will last for 1 year. After this time, you will be released from your debts (with certain exceptions). There is a set fee for doing a DRO of £90. This can usually be paid in instalments, but must be paid before the application can be put forward.
If you would like to find out more, fill in the form and one of our advisors will call you for a chat or scroll down the page for more information.
What are the benefits of a Debt Relief Order?
Your debts will be written off on completion of the DRO (with exceptions).
The creditors involved in the DRO can take no further action against you without permission from the court.
A DRO allows you to make a fresh start after 1 year.
DRO fees are affordable and can be paid in instalments.
You can keep assets (up to the value of £300) and a vehicle up to the value of £1,000.
What are the disadvantages of a Debt Relief Order?
Your Debt Relief Order is entered on a public register.
You cannot have a DRO if you have an existing Bankruptcy Order, an IVA, are subject to Bankruptcy restrictions or if you have had a DRO within the past 6 years.
You will still be liable to pay certain debts. i.e.Student Loan, Fines etc...
Your employment could be affected.
If you do not co operate with the Official Receiver, your DRO could be revoked.
You cannot act as a director of a company or be involved in it's management unless the court permits you to do so.
You cannot obtain credit of £500 or more without disclosing your DRO.
You may be subject to a Debt Relief Restrictions Order for anything from 2 to 15 years if you have acted irresponsibly, recklessly or dishonestly.
First Class. I was in was in a mess with my debts, but the way they sorted out all my problems and made life less stressful was great. The service and speed in which they sorted my IVA was superb.