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DEBT RELIEF ORDER

DEBT RELIEF ORDER


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


  • 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

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Debt, most of us have it, some of us have a little debt which is easily managed but some of us have a lot more debt which can start getting pretty hard to deal with. You cant let your creditors down so you have to keep struggling on with your payments but now maybe you don’t have to keep struggling.

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