Debt Relief Order (DRO)

A Debt Relief Order (DRO) is a formal debt solution and may be suitable for those with relatively low liabilities, little surplus income, have few assets. It is a cheaper option than bankruptcy for those who meet the required eligibility criteria.

To qualify for a Debt Relief Order (DRO) you must:

Debt Relief Orders (DROs) are applied for with the help of an Approved Intermediary (an intermediary is usually a skilled debt adviser who has been given permission to complete the forms and give advice on debt relief orders) and will last for one year after which you will be released from your debts (with some exceptions)

Excluded Debts

Some debts, called excluded debts, are not covered by the DRO. This means the creditor can continue with action to recover the debt after the DRO is made and the client will still be liable for the debt at the end of the DRO. Excluded debts must still be shown on the DRO application but do not count towards the debt limit.

The following debts are excluded:

Some Advantages

Some Disadvantages

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