debt relief order faq's
will a debt relief order help me?
how do i get a dro?
how much does a dro cost?
how often can I apply for a DRO?
what types of debt can i include in a DRO?
what restrictions are apply when in a DRO?
what happens after a DRO finishes?
will a debt relief order help me?
The debt relief order is a debt solution for individuals who are in debt but have little disposable income. A DRO is only available for individuals who owe £15,000 or less in unsecured debts.
how do i get a dro?
A DRO can only be obtained by an approved intermediary. A DRO can not be applied for without the help of an intermediary.
how much does a dro cost?
A DRO costs £100, which is less than an IVA or Bankruptcy.
how often can I apply for a DRO?
You can only apply for a DRO once every six years.
what types of debt can i include in a DRO?
You may not include the following debts in a DRO:
- Any fines for an offence
- Child support maintenance
- Obligations from a confiscation order under s1 Drug Trafficking Offences Act 1986
- Student loans
- Certain obligations arising from any family proceedings
what restrictions apply when in a DRO?
- The debtor must not obtain credit of more than £500, without disclosing that they are subject to a Debt relief order
- The debtor may not carry on a business (directly or indirectly) in a name that is different from the name under which they were granted a DRO, without telling all those with whom the debtor does business the name under which they were granted a DRO
- The debtor may not be involved (directly or indirectly) with the promotion, management or formation of a limited company, and may not act as a company director, without the court’s permission
what happens after a DRO finishes?
After a DRO is finished, all of the debts listed in the order will be written off and the debtor will no longer have to pay them. However any debts not covered in the order will still need to be paid
Call our specialist debt team on 08000 915 004 to find out how we could help you.