A Debt Relief Order (DRO) is intended to give relief to individuals who owe relatively little money, have no disposable income or assets with which to repay what they owe and simply cannot afford to make themselves bankrupt.
To apply for a DRO, you must at least meet the following conditions:
- You must be unable to pay your debts
- Your debts must be below £15,001
- Your assets must not exceed £300
- Your disposable income must not exceed £50 per month
- You must not be involved in another formal insolvency procedure at the time you apply
- You must be living in England or Wales, or at some time in the last 3 years have been living or carrying on business in England or Wales
- You must not have been subject to another DRO within the last 6 years
A DRO lasts for 12 months. During this time creditors named on the order are unable to take any action to recover their money without permission from the court. If your circumstances have not changed at the end of the 12 month period then you will be freed from the debts that were included in your DRO.
Debt Relief Orders are run by The Insolvency Service and in partnership with us, we can help you obtain a DRO.
For more information click here or call us now.