APPLY NOW

  • Step 1
  • Step 2
  • Step 3
  • Step 4

Check your Eligibility in 4 easy steps

What is your approx level of debt?

Question 2

How many lenders do you owe money to?

Question 3

Select what sort of debts you have?

Personal Information

Name

Email

Phone No.

Debt Relief Order UK

DRO is the abbreviation for Debt Relief Order. It is a way to get the debts written off. This is only if the levels of debts are low and if one has only a few assets.

If a debtor qualifies for a DRO, a few of the financial institutions are willing to initiate action with their DRO teams. They apply to the Insolvency Service on the debtor's behalf.

As a part of the procedure followed, debt repayments and interests are frozen for 12 months. If the debtor’s financial position does not change during this time, all of the debts included are written off.

The financial organization, whose aid the debtor takes, must be approved to help the debtor apply for DRO if he is eligible.

Frequently Asked Question

Is DRO suitable for you?
DRO is designed for people who have a less amount of debts and income is not sufficient for that cheaper option is DRO rather than bankruptcy.
Please check a few conditions for DRO before apply:
• You must be a citizen of England, Wales or Northern Ireland.
• The amount you owe that could be less than £20,000.
• Assets must not be high that £1,000 and if you have a car that would not be more than £1,000
• You are not able to save more than £50 after paying all your bills and other costs.
• DRO is not available for Scotland citizens.
Does a DRO impact my credit file?
DRO holds your debt repayments and interest for the upcoming12 months. If somehow your financial situation hasn’t changed at the end of that period then all of the debts included will be written off.
How much does a DRO fee?
DRO costs a small fee which is the amount charged by the Insolvency Service to process an application and would inform once you are ready with it DRO fee can be paid in one lump sum or, if you live in England or Wales, in installments for six months. Once you are Paid the fee and application has been submitted, you can’t get refund even if the DRO is rejected or revoked so you have to bear that cost.
How does DRO work?
Yes, you can pay for a funeral plan monthly, no matter how high funeral plan rises, it is not going to affect your monthly contribution towards you’re your funeral plan

Pros of DRO

DRO can be a low-cost option to  bankruptcy.

You don’t pay anything against our debts for the next 12 months later on that would be written off.

Creditors can't ask you for debts during than 12 month period.

DRO is a proper debt solution; you don't have to appear in court.

Cons of DRO

You can’t apply for DRO if you’re a homeowner.

You are eligible for DRO only if you borrow less than £20,000 and reside in England, Wales or Northern Ireland.

DRO one of risk is that will appear on a public register and also affect your credit report negatively.

Let us now consider How assets lay an influence over DRO:

DRO is essentially designed for debtors who have few assets. Valuation of assets is done in terms of how much money they would raise if sold in current condition, and not the value for which they were purchased.

Household items like furniture and bedding are not counted as assets, and nor are tools essential for a job. The total worth of assets cannot be more than £1,000 in order to qualify for a DRO. One can own a domestic vehicle worth up to £1,000 apart from these assets.

TAKE A LOOK

Our Blog

Are you in need for a load? Get in touch with us.