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A Debt Relief Order (DRO) is a way to have unmanageable debt written off if you have relatively low income and few assets. If your debts are becoming unmanageable, a DRO may be your best option.
Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk
You can find. Government guidance on dealing with your creditors here.
A Debt Relief Order (DRO) is a form of bankruptcy if you have relatively low income and few assets.
You are not eligible if you own your own home.
A DRO will have an impact on your credit rating and may affect certain types of employment.
If you have obtained any debts by fraud, you will still have to pay them when the DRO has ended.
If you’re behind on your rent, your landlord can still take action to get their property back, even if the rent arrears are included in your DRO, which means you may have to continue paying these after a DRO is made.
These debts mentioned above can not be included in a DRO. A DRO will last for around one year and you will not be required to make payments towards most types of debt included in your DRO. The businesses that you owe money to will not be able to force you to pay off the debt.
Please be aware that lenders are not obliged to accept less than contractual, payments or to freeze interest and charges. This may result in an increase in the total, amount repayable and may affect your credit rating.