Low level of debt? A DRO could be the way to go
Before we start, we’d like to be clear that a DRO will cost you a £90 fee (taken by the Insolvency Service). This is the only fee you’ll pay. If you live in Northern Ireland you’ll need to pay in full, but instalments are accepted in England and Wales. We also offer a MAP, which is the Scottish equivalent to a DRO.
A DRO or Debt Relief Order is a form of insolvency that can help clear all debt that you can’t repay in a certain time limit. If you’ve no assets to your name and a relatively low level of debt (less than £20,000), then Find a Debt Expert may recommend a DRO. It relieves stress, is simple to understand, and won’t take as long as other loans to pay off. To discuss a DRO with a member of our helpful Find a Debt Expert team simply visit us online or call 0161 694 2650. But first, you’ll need to meet the following criteria:
- You owe £20,000 or less
- You possess assets that are worth less than £1,000 – but you’re allowed a vehicle of up to £1,000
- You are not a homeowner
- You don’t have other assets or things of value
- You have less than £50 after all living costs
- You must not be subject to any current bankruptcy or have an IVA in place
- You must not have had a DRO approved in last six years
- You can’t have sold a property for less than it’s worth within the last two years
- You need to have lived in England, Wales or Northern Ireland for the past three years – or run a business there