DRO Advice

[chrisp1968]

Hi, when you apply for a Debt Relief Order, will they need to see your bank statements ? And what other paperwork will they need ? Thanks

[Nibbler]

Re: DRO Advice

Intermediary Guidance notes:

Supporting Paperwork

The debtor should be able to produce documents confirming the information
recorded on the application, in particular relating to assets, liabilities, income
and expenditure. As part of their duty to ensure the accuracy of the
application, intermediaries may wish to check this documentation carefully
before submission. The debtor must also be advised that they will be required
to retain all paperwork regarding their financial affairs e.g. accounting records,
bank statements, invoices etc. for a minimum of 15 months. However, there
may be certain circumstances where the debtor will be required to retain such
paperwork for a longer period.

[time2burn]

Re: DRO Advice

what is a debt relief order?
is it for low income people who made bankrupt and have no or little income?

[FlamingParrot]

Re: DRO Advice

what is a debt relief order?
is it for low income people who made bankrupt and have no or little income?

It is a form of insolvency for people who have less than £15k worth of debts, very few assets (under £300 excluding a vehicle worth no more than £1k and essential household items) and less than £50 a month left after meeting basic household expenses. The fees are much lower than for bankruptcy.