Be Debt Free

Debt Reduction | Debt Management | Debt Ratio | Debt Consolidation

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. Read the rest of this entry »

Paying off debt is very important if you want to live a happy, healthy and stress free life. There is no better feeling than when you know that no one can call or write to you asking you for money that you owe them. Taking the right steps towards debt reduction will help you to get to this lofty, but achievable goal of becoming completely debt free

I was in the bank yesterday and a gentleman was paying two months mortgage payments. He was I would say a young fifty something, but I overheard him tell the bank teller that he only had one more month’s mortgage payment to make and then no more.

I was happy for him. The mortgage is usually the largest payment we make monthly, and is usually the largest debt that most people owe. Being able to complete the payments on a loan that lasts for anything from 15 to 30 years is great. Read the rest of this entry »