Debt Relief Order DRO

Debt relief Order DRO

Do not hesitate to contact us for advice 0800 781 2251

Debt relief orders DROs will commence on 6 April 2009.

Who might Debt relief order DROs be suitable for?

Individuals with relatively low liabilities, small surplus income and few or no assets and who are possibly not in a position to pay off their debts in a reasonable time. This is a basic criteria and each case will be judged on its own merits.

The proposed criteria will be

• The debtor’s total gross assets must not exceed £300; assets incl car etc
• The debtor’s disposable income, following deduction of normal household expenses, must not exceed £50 per month.
• The debtor is unable to pay his/her debts;
• The debtor’s total unsecured liabilities must not be more than £15,000
• The debtor must be domiciled (live) in England or Wales, or in the last 3 years have been resident or carrying on business in England or Wales.
• The debtor must not have previously been subject to a debt relief order DRO within the last 6 years. 
• The debtor must not be involved in another formal insolvency procedure at the time of application for a DRO, such as:

An undischarged bankrupt

A current Individual Voluntary Arrangement

A current Bankruptcy Restrictions Order or Undertaking

A current Debt Relief Restrictions Order or Undertaking

An interim order

A current pending debtor’s bankruptcy petition in relation to the debtor but

The debtor has not been referred to the DRO procedure by the court as a

more suitable method of debt relief

A current pending creditor’s bankruptcy petition against the debtor but the

debtor has not obtained the creditor’s permission for entry into the DRO

process.

Call if you are unsure 0800 781 2251