Debt Relief Order (DRO)
Do you qualify for a Debt Relief Order?
Call 0800 731 7973 or
click here to use the contact form. We offer free debt advice.
Debt Relief Orders are a new option for people struggling with debts less than £15,000.
Relatively few people actually qualify for a Debt Relief Order because they're only available to people who have a disposable income less than £50 per month. People who own any assets, i.e. house, car, property, computer etc. that are worth more than £300 cannot use a DRO.
But thankfully there are many ways to solve a debt problem, and we offer FREE advice with one of our friendly advisors to anyone we think we can help.
If you're unsure whether a DRO is for you, please feel free to call us on:
0800 731 7973
or
click here to use the contact form; we'll call you back.
Additional Information:
Debt relief orders DROs will commence from 6 April 2009.
Who might Debt relief order DROs be suitable for?
Individuals with relatively low liabilities, small surplus income and few or no assets and who are possibly not in a position to pay off their debts in a reasonable time.
The proposed criteria will be:
- The debtor’s total gross assets must not exceed £300; assets incl car etc
- The debtor’s disposable income, after normal household expenses, must not exceed £50 per month.
- The debtor is unable to pay his/her debts;
- The debtor’s total unsecured liabilities must not be more than £15,000
- The debtor must be domiciled in England or Wales, or in the last 3 years have been resident or carrying on business in England or Wales.
- The debtor must not have previously been subject to a debt relief order DRO within the last 6 years.
The debtor must not be involved in another formal insolvency procedure at the time of application for a DRO, such as:
- An undischarged bankrupt
- A current Individual Voluntary Arrangement
- A current Bankruptcy Restrictions Order or Undertaking
- A current Debt Relief Restrictions Order or Undertaking
- An interim order
- A current pending debtor’s bankruptcy petition in relation to the debtor but
- The debtor has not been referred to the DRO procedure by the court as a more suitable method of debt relief
- A current pending creditor’s bankruptcy petition against the debtor but the debtor has not obtained the creditor’s permission for entry into the DRO process.
If you're unsure whether a DRO is for you, please call us on:
0800 731 7973
or
click here to use the contact form.
