DRO stands for Debt Relief Order.

It is typically suitable for individuals who are struggling with their debts and have limited or no assets, as well as having less than £50 a month left over once all their normal household bills have been paid. A DRO can only be done by individuals who owe less than £20,000, however some debts do not count towards that total (student loans, court fines are just a couple of examples). A DRO will typically run for 12 months and during this time frame you won’t have to make any payments towards your debts that are included in the DRO.

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The criteria to check for eligibility to see if you qualify for a DRO can be quite extensive; however the main ones are,

  • Owe less than £20,000
  • Have £50 or less left over each month after you have paid normal household expenses.
  • Not have, or own, any assets worth more than £1,000. This includes a car
  • You cannot own a home and apply for a DRO

Criteria

  • If you live in England or Wales you may be eligible if you owe less than £20,000 and have less than £1,000 in assets (and a car worth no more than £1,000).
  • If you live in Northern Ireland you may be eligible if you owe less than £20,000 and have less than £300 in assets (and a car worth no more than £1,000).
  • You must have £50 or less left over at the end of every month.
  • You can only apply for a DRO if you live in England, Wales or Northern Ireland.
  • Must not be involved in any other formal insolvency procedure.
  • Be able to afford the £90 application fee.
  • Do not own a home.

Benefits

  • If your position remains unchanged, your debts will be cleared in 12 months.
  • Low application fee of £90.
  • Creditor calls/correspondence stopped once the order is accepted.

Disadvantages

  • Only able to obtain a DRO once every 6 years.
  • You are unable to apply if you are a homeowner.
  • The DRO will appear on a public register for 12 months.
  • The DRO will adversely affect your credit rating for 6 years.
  • Your assets need to be worth less than £1,000.

You will have to pay a £90 fee and only a DRO adviser can submit an application for a DRO.

You can call one of our advisers on 0800 97 88 495 or email info@debtsupportservice.co.uk to find out if you qualify for an DRO.

Or you can try to find your own local DRO adviser here

Please note: Debt Support Service does not administer Debt Relief Orders