Debt Relief Order
A debt relief order (DRO) is a formal insolvency process that can help you with your debts. It’s a simple alternative solution to bankruptcy which usually lasts for 12 months. After the 12 months, any remaining debts will be written off.
- Low cost alternative to bankruptcy
- Debts written off at end of DRO
- Protection from creditors
Speak to one of our qualified advisers today to see if you qualify for a Debt Relief Order.
Call 0161 9627061 or complete and submit the debt help form.
How does a Debt Relief Order work?
Debt Relief Orders can only be administered by an accredited intermediary.
We would assess your individual situation and if appropriate file the application on your behalf.
- StepFull review of financial circumstances.
- StepApplication is made to an Official Reviewer
- StepIf granted, your creditors will be notified
Is a debt relief order right for me?
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 £20,000
- Disposable income of less than £50 per month
- Less than £1000 worth of assets
- Not own a vehicle more than £1000
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 15 months
- 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