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A Debt Relief Order (Also known as a DRO) is a formal debt solution or Insolvency solution that is suitable if you are struggling with debts up to £20,000 and you have little or no assets (up to the value of £1,000) with a disposable income of no more than £50 per month. It is sometimes referred to as a form of mini-bankruptcy. It is also a much shorter and cheaper to do than Bankruptcy.
In a DRO you state your inability to pay your debts. After 12 months, any debt included in your Debt Relief Order will be written off. It generally costs £90 in fees for a DRO.
To apply for a Debt Relief Order you will need to identify if you meet the conditions that apply. We can help you find out if it is a suitable option for you. If a DRO is suitable, we will refer you to an approved intermediary who handles these solutions (such as the CAB or Step Change). The approved intermediary is someone who is approved by a competent authority for handling these solutions. They will check that you fulfill the relevant criteria and help you complete the relevant forms necessary for applying for a DRO.
Below are a few of the frequently asked questions we are asked in relation to Debt Relief Orders. If you have any questions please feel free to get in touch and we will find the answers you need.
Only certain debts can be included in a Debt Relief Order
If you have a hire purchase or conditional agreement you may have to return the goods bought with these loans, unless someone else can pay the instalments. You will not be able to carry on paying for the goods once you have a debt relief order.
Certain types of debt can't be included in a debt relief order. You must pay these separately as action can still be taken against you. These include:
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