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Debt Relief Order (DRO)
A Debt Relief Order is an order granted by an official receiver to help insolvent individuals become free of debt after just one year.
You can apply online through an approved intermediary if you meet the following criteria:
- you owe less than £15,000
- you do not have an interest in any property
- you are unable to meet debt payments plus have a monthly surplus income less than £50
- your assets do not exceed £300 (including any pension contributions made)
- if you a vehicle it is worth less than £1,000
Debt Relief Order FAQs
- Q: What are the advantages of a Debt Relief Order?
A: Your debts will be written off after one year. Creditors will not be able to take further action without court permission and the fee of £90 is less than the cost of petitioning for bankruptcy.
- Q: What are the disadvantages of a Debt Relief Order?
A: You will not be eligible if you are a homeowner, even if there is no equity. As with bankruptcy your employment could be affected and certain debts such as student loans and fines will not be written off.
