DEBT RELIEF ORDER

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A debt relief order is a form of insolvency for people who do not have much in the way of a disposable income and have been unable to pay off relatively low-level debts (up to £20,000). After a DRO is approved and completed, all your debts are written off.
If your DRO is approved and binding, your debt repayments and total accumulated interest would freeze for a duration of 12 months. If your financial circumstances have not improved after a year has elapsed, all your included debts would be written off.
Debt relief orders are a viable option if you are sustaining yourself on a low income and you own minimal assets.

Advantages of a DRO

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• DROs usually last one year (12 months)
• At the end of your DRO, your debts will be written off
• DROs are a low-cost alternative to bankruptcy
• Your creditors can’t take any action over the money you owe