Could debt relief orders be right for you ?

Need an option to pay off your debts? Maybe debt relief orders will be the right one for you.

08:44 29 September 2013

A debt relief order is another option you may consider in solving your debt problems. That is, if total debt you owe is not over £15,000, does not own a house and your capability to make payments for your debts is limited. A debt relief order will enable you to write off your debt within an adequate period.

 

If you are able to acquire one: 

• Your creditors will need to ask the court’s permission to be able to get their money back

• You are considered free from your debts after a year

 

How to acquire a Debt Relief Order (DRO)

You need to look for an authorised debt adviser to help you fill some paperwork before you apply for a DRO from an Official receiver who is an officer of the bankruptcy court.

 

How much is the cost of a DRO

A DRO is a low cost option to bankruptcy designed to provide assistance to people with low income and who has a fairly small amount of debt. Your debt adviser will inform you when and how you can make payment for your unsecured loan.

 

There are so many circumstances when we think if our debts would drain our investments for future. Due to immediate expenses for our family, we often apply for loans but how do we avoid penalties or court orders which could increase our mental trauma. DRO is a financial instrument which should be effectively handled and you need debt advisers who can better guide you. 

 

So now stay away from fear of debt repayment and contact your debt advisers to save you from the trap of defaults. DRO is a tool to the middle income persons and not for wealthy citizens.