Debt Relief Order

Call Today To See If You Qualify For A DRO

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.

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.

Step 1

Full review of financial circumstances.

Step 2

Application is made to an Official Reviewer

Step 3

If 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 £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.