Debt Relief Order Explained
Debt Relief Order is for people with very low or no disposable income available to make payments to creditors therefore not allowing them to enter in to a debt management programme, IVA, Trust Deed, or even make the required payment to enter in to Bankruptcy.
If a person wishes to make an application for a Debt Relief Order it must be done through a qualified debt adviser who will ensure the applicant does not meet the requirements for Debt Management, IVA, Trust Deeds or cannot afford the fee for entering in to bankruptcy
The application will be reviewed by the Official Receiver, it is important to make sure all the facts are correct as civil or criminal proceedings may be taken against the applicant if the process is abused.
If a person has more than £50 each month available after essential household expenditure they would not be eligible for a Debt Relief Order as it is considered that they would be able to meet the minimum payments for other types of debt relief.
Criteria Required for Debt Relief Order
To be able to apply for a Debt Relief Order you must satisfy all the below.
You must be resident in England or Wales
If your circumstances do not change for the better within the allocated twelve month period you will not be required to make any payments to your creditors and the debts will be cleared.
Debt Relief Order Disadvantages
The Order will be on public records for a period of fifteen months.
If you would like to apply for a Debt Relief Order contact your local Citizens Advice Bureau.
Please complete the form for a free analysis. Once the form is submitted it will be decided who we think is best qualified to help with your situation.
You will receive an email withing 15 minutes of submitting the form to let you know if there are options available to help in your present situation.