Debt Relief Order (DRO)
A debt relief order (DRO) is an order granted by the Insolvency Service where you can’t afford to pay off debts. A Debt Relief Order usually lasts about 1 year, during which time your creditors are unable to take action against you to get their money back. Once the period of the DRO has elapsed all debts included in the Debt Relief Order are legally written off.
In order to meet the criteria to apply for a DRO you must have debts of less than £15,000 and a low income. You would need to have monthly disposable income of between £1 and £49. You must also have no assets or savings or at least not of greater value than £300.
You cannot apply for a DRO yourself so you will need to contact an authorised adviser who can apply for you. You adviser will first check whether you meet the above criteria prior to making the application.
Please take our debt test to give you an idea of whether a Debt Relief Order is an appropriate debt solution for you or call us free of charge on 0800 043 2424 for advice now. You can also provide extra information so we can fully assess your situation here.