Debt Free Orders

Debt Arrangements:

A Debt Relief Order (DRO) is a way to pay down your debts if you have a relatively low level of debt and few assets. A DRO freezes your payments and interest for 12 months. If at the end of this period your financial situation has not changed, all the debt it contains will be canceled.

Request a debt relief order:

You will receive a DRO from the official bankruptcy trustee, a bankruptcy trustee, but this must be requested from an approved debtor.

Costs:

Your debt counselor can tell you how and when to pay him. In some cases, a charity can help you with the costs. Ask your debt counselor.

You cannot apply for a debt relief order if:

Your creditors have filed for bankruptcy, but the hearing has not yet taken place (unless your creditors agree that you can still file your application).

You have been granted a bankruptcy or commitment restriction
You have filed for bankruptcy, but your application is still pending. However, this does not apply if you have filed for bankruptcy and the judge has filed the application for debt relief.

They are currently bankrupt

Has an individual voluntary agreement or applies for one
You have received a debt relief order in the past six years
You have been granted a postponement or obligation restriction
What debts

How do I pay the payments?

You can save as soon as you want for the fee of £ 90.

If you have completed the application with your agent, you will receive a copy of the application and a special barcode. With this barcode you can make payments for the fee of £ 90.

You can only make cash payments with your local payment area. Pay zone can be found at kiosks, petrol stations and shops.

However, if you request a DRO through National Debtline, you must pay the full fee within two months of receiving your full application package. Other organizations may have different timescales. If you do not pay the full fee, your request will not be forwarded.

You can request a refund from the official beneficiary once you have made a certain payment of your rate, and then you can change your mind about the application for a DRO. You will not receive a refund once your broker has sent the request and paid the full fee.

Advantages of a DRO:

An order for debt relief can be a cost effective alternative to bankruptcy
You pay nothing for your debts for 12 months. After that they will be canceled.
Your creditors can not track you for their debts during the 12-month period
Although a DRO is a formal debt settlement, it is not necessary to appear in court.

Risks of a DRO:

A DRO is only available if you live in England, Wales or Northern Ireland
You must pay the bankruptcy service a one-time fee of £ 100. If you qualify, our team of specialists can help you with your application.
You can not apply if you are a homeowner
A DRO appears in a public record and adversely affects your credit report.