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Debt Relief Order

Advantages:

  • A realistic and affordable, formal proposal of repayment will be presented to your creditors by an officer of the court.
  • It binds all creditors subject to the order and prevents them from taking any further collections activity against you.
  • An order will normally last for a period of only 12 months.
  • On successful completion of the order, debts subject to the order that you cannot afford to repay will be written off.
  • None of the creditors listed in the DRO application can take any action against you without the court’s permission.
  • The fee (£90) is affordable and can be paid in instalments but the fee must be paid before the application can be made.

Disadvantages:

  • The DRO is entered on a public register.
  • You won’t be able to have a DRO if you own your house, even if it has no equity.
  • Your DRO could be revoked if you don’t cooperate with the official receiver during the year your DRO is in force.
  • You can’t act as director of a company or be involved in its management unless the court agrees.
  • You will be committing an offence if you get credit of £500 or more without disclosing that you are subject to a DRO.
  • You may have a debt relief restrictions order made against you for 2 to 15 years if you acted irresponsibly, recklessly or dishonestly.
  • A DRO could affect your employment or future employment if you work in a licensed role such as a publican, solicitor, financial advisor etc.
  • A DRO is registered against your credit file for a minimum of 6 years and will affect your ability to obtain further credit.
Knowing that DFH had helped 1,000’s of other people, made me realise I wasn’t alone.

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