A debt relief order should be considered very carefully, just like bankruptcy. A debt relief order may be right for you, if you:
- Are unable to pay the debts you owe
- Owe creditors less than £30,000
- Disposable income of less than £75 per month
- Less than £2000 worth of assets
- Not own a vehicle more than £2000
There are some things to consider before deciding to on a Debt Relief Order:
- You will have to pay a one-off fee when applying
- You will still need to pay essential bills that aren’t included in the DRO
- It will stay on public record for last 15 month
- It will affect your credit score for up to 6 years
- Future credit may be at a less competitive rate
- If your financial circumstance improves, you will be expected to pay back creditors
- There is a one off fee of £90 to pay for your application for a Debt Relief Order.
Please note that MA Finance do not charge any fees what so ever for the advice of bankruptcy and debt relief order applications.