For those facing financial hardship, with debts under £20,000 and minimal disposal income, this is a process available to you. At Farleys we offer advice and guidance on how best to formulate your application and navigate this process, which can be daunting.
A debt relief order (DRO) is an alternative formal individual insolvency procedure, similar to an IVA. It gives you one year’s protection from creditors enforcing their debts without permission from the Court. You are then discharged from your liability for those debts. To be eligible for a DRO you must:
Live in England or Wales;
Be unable to pay your debts;
Have a total of debts less than £20,000;
Have assets totalling less than £1,000;
Have a disposable income of less than £50;
Are not subject to any other Insolvency Procedure; and
Have not had a DRO within the last 6 years.
You can speak to one of Farleys’ personal insolvency team, who will be able to determine whether you are eligible for a DRO. We will then assist you with your application to be submitted to the Official Receiver, who charges £90 to process your application.
If you are looking for more information or guidance in respect of debt relief orders please get in touch on 0333 331 4380.Request A Call Back