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Debt Relief Order FAQs

  1. How do I qualify for a Debt Relief Order?
  2. Who is suited to a Debt Relief Order?
  3. How do I apply for a Debt Relief Order?
  4. What are the restrictions and conditions of a Debt Relief Order?

“How do I qualify for a Debt Relief Order?”

You must meet all the following conditions:

  • Unable to pay back your debts
  • Must have below £15,000 debt
  • Must have less than £300 worth of assets (e.g. car, computer, TV, etc.)
  • Must have less than £50 disposable income per month ie income less normal household expenditure leaves less than £50 per month)
  • Must be resident in England or Wales for the last 3 years
  • Must not be in any other form of insolvency ie IVA, bankruptcy or been subject to a Debt Relief Order in last 6 years

 

“Who is suited to a Debt Relief Order?”

People with no or very little income/benefits, and with no assets or belongings over the value of £300.

“How do I apply for a Debt Relief Order?”

First, contact one of our Debt Advisers who will go through your circumstances to see if you qualify for a Debt Relief Order. You will then need to speak to an assisted intermediary who may charge up to £100 for the application.

“What are the restrictions and conditions of a Debt Relief Order?”

  • If you apply for credit over £500, you must tell the lender you have a Debt Relief Order
  • If you run a business in a different name to the one under which you were given a Debt Relief Order, you must inform anyone you do business with the name of the business under which you were granted a Debt Relief Order.
  • You are not allowed to be involved with promoting, managing or setting up a limited company without permission from the Court.
  • You can’t act as a company director without getting permission from the Court.

Find out more about:

Debt Relief Order Alternatives

Further Debt Help and Advice

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