Debt Relief Orders - Best Debt Relief Order Information
What is a Debt Relief Order?
A Debt Relief Order is a debt relief solution run by the insolvency service. A DRO (Debt Relief Order) is Suitable for people who do not own their home, have little surplus income and less than £15,000 debt. A Debt Relief Order will only last for 12 months, during this period creditors cannot hassle you for the debt. Once you have completed a Debt Relief Order the creditors have to clear the debt leaving you debt free.
Who is eligable for a Debt Relief Order?
To be eligable for a Debt Relief Order you must meet the following criteria:
What are the restrictions of a Debt Relief Order?
A debt relief order is similar to bankruptcy, hence the comparison and the nick name mini bankruptcy. The restrictions are quite similar to that of bankruptcy. The Restrictions Of A DRO are:
How can I apply for a Debt Relief Order?
A Debt Relief Order is applied for online by an approved intermediary. You will need to pay a fee to the official receiver to process the Debt Relief Order as long as your application meets the requirements.
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