OfficesOnward Chambers, 34 Market Street, Hyde, SK14 1AH
Unity CorpDebt Relief Order
A DRO (Debt Relief Order) is a formal insolvency process for people who cannot pay their debts and who have moderately few assets of significant value, a low income with no other access to debt relief and no prospect of the situation improving.
• If you live in England or Wales you may be eligible if you owe less than £50,000 and have less than £2,000 in assets (and a car worth no more than £4,000). You must also have less than £75 in surplus income per month.
Fees:
Debt Relief Orders are available through a limited number of approved intermediaries such as the Citizen’s Advice Bureau and there is no fee to apply.
Disadvantages of a DRO
- DROs will stay on public record for 15 months and on your credit record for six years.
- You’ll be expected to pay back creditors if your financial situation improves.
- You can’t get credit over £500 without telling the lender you have a DRO.
Advantages of a DRO
- DROs last one year.
- At the end of your DRO your debts will be written off.
- DROs are a low cost alternative to bankruptcy.
- Your creditors can’t take any action over the money you owe.
Free debt counselling, debt adjusting and provision of credit information services are available from the Money Helper service an organisation set up by the Government to offer practical advice to those in debt.
CONTACT USOur Office
Our Office is located at Onward Chambers, 34 Market Street, Hyde, SK14 1AH.
CONTACT USOur Office
Our Office is located at Onward Chambers, 34 Market Street, Hyde, SK14 1AH.
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