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Guide to Debt Relief Orders (DRO)

Why choose a Debt Relief Order?

A Debt Relief Order lends itself typically to those individuals who have limited assets, who are not homeowners and those who obtain a small overall income. A DRO is seen as a more affordable alternative to bankruptcy. The DRO allows you a period of 12 months, where in most cases, your creditors are prevented from retrieving the debts. Furthermore, once the period has ended, the debts are disregarded.

Areas Covered

  • DRO Application Process
  • Qualifications for a Debt Relief Order
  • Debt Relief Order Debts included.
  • Do I need to include my hire purchase or conditional-sale agreements?
  • What if I am not in arrears?
  • What if the item is a vehicle on hire purchase or conditional-sale agreement?
  • Is it a risk if my debts total is just short of £15000?
  • How do I avoid this issue?
  • What does not count toward the £300 worth of assets?
  • What is included as an asset?
  • How does the value of the asset come about?
  • Are there any steps I need to take before I submit an application?
  • The costing of a Debt Relief Order
  • When should I start paying these installments?
  • Is there a time period for the installments?
  • If I change my mind is there a refund?
  • I have mistakenly left a debt out can it be included?
  • What happens if the extra debt moves the total figure to beyond £15000?
  • Is it a problem if the amount I owe is not accurate?
  • What does the Official Receiver do next?
  • How do I know if my application has been accepted?
  • Can the creditors raise objections to the Debt Relief Order?
  • What occurs if the creditors cannot object and the Debt Relief Order is maintained?
  • Do I need to communicate my entire financial situation with the Official Receiver?
  • What are the Implications of a Deft Relief Order?
  • What are the restraints of a Deft Relief Order?
  • Are there implications if my integrity comes into question?
  • What if I reject the 'debt relief restriction undertaking'?
  • Are there implications to my bank account?
  • Can I open up a new bank account or building society?
  • Are there any implications to my credit rating?
  • Is there a period of time before my Debt Relief Order will be withdrawn from the Individual Insolvency Register?
  • There are three alternatives to a Deft Relief Order?

Download Guide to Debt Relief Orders (DRO)