Debt Relief Orders
Opting for a Debt Relief Order may provide the fastest path to a new beginning.
A Debt Relief Order (DRO) is recognized as a personal insolvency procedure that affords you legal protection from creditors, and your debts are discharged after a year.
DROs present a solution for managing debts if you owe less than £30,000, have limited disposable income, and do not own a home.
If you qualify for a DRO:
- other than the application fee (£90) you won’t have to pay anything
- Your creditors are unable to retrieve their funds without the court’s authorisation
- Typically, you are released (‘discharged’) from your debts after a 12-month period.
Our evaluation team will converse with you to determine your eligibility for a Debt Relief Order (DRO) and its implications for you. DRO is accessible to individuals who meet specific criteria, so eligibility is contingent on your overall circumstances.
How Do I Get Started
We will assist you throughout the process, but it is essential to apply through an intermediary authorized by the Insolvency Service. This intermediary will assess your overall financial situation, considering your level of debts, income, and assets, and advise you on eligibility. Upon qualification and payment of the fee, an online application will be submitted. If approved, the order will be issued.
DROs may be annulled under the following circumstances:
1) your finances improve
2) Lack of cooperation with the official receiver, such as failing to provide requested information.
3) Your income, assets, or debts surpass the specified limits.
New Debt After A DRO
Caution: Acquiring new debt after the approval of your Debt Relief Order (DRO) may result in a bankruptcy order or prosecution if you fail to inform new creditors about your DRO.
Qualifying criteria for a DRO
To qualify for a DRO you must meet all the criteria below:
- You have debts no more than £30,000
- You have no more than £75 a month spare incomee
- You’ve no more than £2,000 worth of assets
- You’ve lived or worked in England and Wales within the last 3 years
- You haven’t applied for a DRO within the last 6 years
Bailiff Advice Online is a trading style of My Debt Plan Ltd.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions.
You will be contacted by Council Tax Debt Support.
Kevin Mapstone is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free and we will notify you if a solution you choose has a fee associated with it.
