Debt Relief Order FAQs
- How do I qualify for a Debt Relief Order?
- Who is suited to a Debt Relief Order?
- How do I apply for a Debt Relief Order?
- 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