What Is A Debt Relief Order?
A DRO is a Debt Relief Order. It is a way to have your debts written off if you have a low level of debt and have few assets. If you qualify for a DRO, our experts can apply to the Insolvency Service for you. Debt Relief Orders are not available if you live in Scotland. In Scotland the equivalent is known as a Minimal Asset Process.
How Does A Debt Relief Order Work?
A Debt Relief Order freezes your debt repayments and interest for one year. If your financial situation hasn’t changed at the end of this period then all of the debts included will be written off.
There are 12 organisations who can submit a debt relief order application for you. These organisations are called ‘competent authorities’.