A Debt Relief Order, or DRO, is a relatively new method, introduced in 2009, by which an individual can look to write off debt which they would otherwise have no realistic possibility of repaying.
A DRO is designed to be a cheaper alternative to bankruptcy.
In order to apply for a DRO you must fulfil the following criteria:
• Debts of less than £15,000
• Unable to repay your debts
• Disposable monthly income of no more than £50
• Total assets not exceeding £300, except for a car which may be worth up to £1,000
Application for a DRO can only be made via certain, typically not for profit, organisations. A full list of these can be obtained by clicking on the following link:
If you have debt problems but do not meet the criteria for a DRO, please feel free to contact Steve Ford of S P Ford & Co. on 07718 133927 for a free, no commitment conversation.