Debt Correct

Debt Relief Order

We provide free advice on how to obtain a Debt Relief order, which is a legally binding agreement between you and your creditors that could see all your debt written off after 12 months with further payments to your creditors.

A debt relief order is an order you can apply for if you can’t afford to pay  off your debts. A debt relief order usually lasts for a year and during that time, none of the people you owe money to (your creditors) will be able to take action against you to get their money back. At the end of the year, you’ll be free of all debts listed in order. 

What to consider  

• You must not have disposable income greater than £50 per month
• Your credit rating may still be affected
• Your assets should not be worth more than £300 (although you are allowed a car worth up to £1,000)
• You must live in England or Wales (or show that you have lived or worked in England or Wales in the last three years)
• A DRO is not available if you are involved in another formal insolvency solution such as an IVA or bankruptcy proceedings
• You will need to wait six years after it ends before you would be eligible for another one

If you would like to discuss the Debt Relief Order option with a trained advisor, then phone 0800 157 7314 for a confidential discussion.

Contact us for more information