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What are the Pros and Cons of Debt Relief Order?

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  • What are the Pros and Cons of Debt Relief Order?

    What is a suitable situation to take the Debt Relief Order? Are there any limitations on the debts?

  • #2
    https://www.citizensadvice.org.uk/de...relief-orders/

    You may be able to get a DRO if all of the following things apply to you:
    • you're unable to pay your debts
    • your debts are worth up to £20,000
    • you’ve got £50 or less left over each month after you’ve paid your usual household expenses
    • you don’t own your home
    • other savings or things of value you own, called assets, are worth less than £1,000 (some assets are ignored when working out the value)
    • you don’t own a car worth £1000 or more, unless it’s one that’s been specially adapted because you have a disability
    • it's been at least 6 years since your previous DRO was made and you aren’t going through another formal insolvency procedure, such as bankruptcy or an individual voluntary arrangement (IVA)
    • you've lived, had a property, or worked in England or Wales in the last three years.



    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

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    • #3
      Thank you for your reply, can you please tell me which one is the best option DRO or IVA?

      Comment


      • #4
        It depends totally on your circumstances and we're unable to advise as we're not regulated debt advisors. Your best bet is to get an appointment with Citizens Advice and go in for a face to face meeting with an advisor, take all your paperwork so they can advise what option suits your circumstances xx
        “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

        Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

        Received a Court Claim? Read >>>>> First Steps

        If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

        Find Solicitors offering fixed fees on our sister site - JustBeagle.com

        Comment


        • #5
          Thank you for your advice but one of my friends suggested to me that it's better to apply for IVA than DRO. As my debts are around £30,000 which I would like to repay without facing any difficulties to my financial needs.

          Comment


          • #6
            Hey can any one tell me which is better to go IVA or DRO? as I'm having £30k of debt.

            Comment


            • #7
              The limit for a debt relief order is £20k.

              Debts that can’t go in a DRO are:
              • magistrates court fines and confiscation orders - these are fines relating to criminal activity
              • child support and maintenance
              • student loans
              • social fund loans
              • compensation for death and injury.

              These debts don't count towards the limit.


              It depends totally on your circumstances and we're unable to advise as we're not regulated debt advisors. Your best bet is to get an appointment with Citizens Advice and go in for a face to face meeting with an advisor, take all your paperwork so they can advise what option suits your circumstances xx
              “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

              Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

              Received a Court Claim? Read >>>>> First Steps

              If we have helped you we'd appreciate it if you can leave a review on our Trust Pilot page

              Find Solicitors offering fixed fees on our sister site - JustBeagle.com

              Comment


              • #8
                Thank you for your advice, I will definitely follow your suggestions

                Comment

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