Debt Relief Order

A debt relief order is for those people who are unable to pay their debts and have no assets and no more than £50 spare moneyafter your normal household expenses.

The total amount of debt needs to be under £15,000 and your assets must be worth less than £300 or £1000 in the case of a car.

A debt relief order can relieve the stress and anxiety caused by being in debt.  You wont have to attend a court hearing either. 

After 12 months all debts that were included in the debt relief order will be written off. allowing you to make a fresh start.

It is very important that you declare and include all your debts as once the order has been granted you cant add debts that you forgot about.

You are only allowed to enter into a debt relief order once every six years.  Whilst your order is in place you dont have to make any monthly payments.  It is a much cheaper option than bankrupcy as the fee is only £90.  Once the order is in place creditors can not take any further action against you.

A debt relief order maybe a good idea if you rent your home and have no assets.

It is essential that before applying for an order that you take advice to make sure it is the correct solution.  DRO are only available via the official receiver and can be applied for online or with the help of a specialist money adviser who has been appointed as an approved intermediary.

Credit Hero can help you and refer you to an approved firm.

Please complete the form below if you need help and or advice

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