Can You Benefit From A Debt Relief Order

Filed Under (Debt Reduction) by Genivive on 07-04-2009

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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 »
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