Debt Relief Order (DRO)
A Debt Relief Order (DRO) is an order granted by an official receiver to help insolvent individuals address their debt after just one year.
Discover if you might qualify to apply for a Debt Relief Order, or alternative solution, by completing our simple form.
Debt Relief Order FAQs
Who would qualify for a Debt Relief Order?
You can apply online through an approved intermediary if you meet the following criteria:
- you owe less than £15,000
- you do not have a financial interest in any property
- you are unable to meet debt payments and you have a monthly surplus income less than £50
- your assets do not exceed £300 (including any pension contributions made)
- if you have a vehicle that is worth less than £1,000
What are the advantages of a Debt Relief Order?
Your debts will be written off after one year.
Creditors will not be able to take further action without court permission.
The fee of £90 is less than the cost of petitioning for bankruptcy.
What are the disadvantages of a Debt Relief Order?
You will not be eligible if you are a homeowner, even if there is no equity in your home.
As with bankruptcy, your employment could be affected.
Certain debts, such as student loans and fines, will not be written off.
For more information regarding Debt Relief Orders, call us now on 0808 163 9579 to speak to an advisor or complete the form below.
Complete this form and we'll find the right option for you