Can You Benefit From A Debt Relief Order

The Debt Relief Order came into being in the UK on 6th April 2009. To qualify for a Debt Relief Order (DRO) you must be able to show the following

• Be unable to pay your debts;

  • Have unsecured debts of less than £15,000;
  • Have assets of less than £300;
  • Have surplus income of less than £50 per month, as defined using a financial statement;
  • Be living in England or Wales, or for the last three years have been resident or carrying on business there.
  • Not have an existing Bankruptcy Restrictions Order,Bankruptcy Order or Individual Voluntary Arrangement (IVA) or have had a Debt Relief Order in the last six years.

What is a Debt Relief Order

The order does get recorded in the Insolvency Register and credit reference agencies will be able to use the information for their records. A DRO last for 12 months and, at the end of that time, the debt owed will be discharged leaving the debtor debt free.

If you do receive a lump sum of money or if you claim is found to be fraudulent, your old creditors will have rights to chase you for the money that you owed. These rights are similar to those for Bankruptcy

How much does a DRO it cost?
The Debt Relief Order does have a cost attached to it, but at a cost of £90 it is about a fifth of the charge of opting for Bankruptcy, which costs £495.

If you’ve got debt problems and you live in the UK, investigate further about obtaining a Debt Relief Order. It could be your answer to your debt relief problems.

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5 Responses to “Can You Benefit From A Debt Relief Order”

  1. Dorcia Wellington on 1 Jun 2009 at 10:09 pm #

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  2. Debt Management Help on 29 Aug 2009 at 5:58 am #

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  3. Resa on 26 Feb 2011 at 9:35 pm #

    continue with the the good work on the blog. I kinda like it! :) Could use some more frequent updates, but i’m sure that you got better or other stuff to do like we all do. ;)

  4. Marc Brown on 21 May 2011 at 4:36 am #

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  5. Vanessa on 14 Jul 2011 at 1:48 am #

    so you just pay £90? and thats it?

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