DEBT RELIEF ORDERS
FOR A MORE SECURE FINANCIAL FUTURE
HELPING YOU TO WRITE OFF THE DEBTS YOU CANNOT PAY
Being in debt can be an incredibly stressful experience. Visits from bailiffs, the constant letters through the post, the threat of losing one's possessions and assets... and potential court proceedings looming in the future.
For some, the appropriate solution to this difficult situation could be a Debt Relief Order. A Debt Relief Order is a form of bankruptcy where debts are written off within 12 months. It stops any legal action again you, stops contact from bailiffs and people you owe money to, and ends the hassle all of this can cause.
THE BENEFITS AND RISKS OF DROs
Advantages
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The duration of the DRO is usually 12 months
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You do not need to make any payments into the DRO
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People you owe money to cannot take further action against you without permission from the Court
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The fee for entering a DRO is £90, no other fees are charged
Disadvantages
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Your credit rating will be affected for 6 years.
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You will not be able to get a Debt Relief Order if you have assets worth £2,000 or more or own a property
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If your circumstances change and you can afford to make repayments or you fail to cooperate, the DRO may be revoked
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Your details will be added to the Register
TO QUALIFY FOR THIS HELP, YOU:
Cannot have any assets worth more than £2,000
Cannot have any debts of £30,000 or over
Cannot have a disposable income more than £75
Must live in England, Wales or Northern Ireland
Cannot have had a DRO within 6 the last years.
A Debt Relief Order could be the financial solution you need. Get in touch to find out.
