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manage your debt with a debt relief order
A Debt Relief Order (DRO) is designed to help people with low income and few assets deal with unmanageable debts. It allows you to pause your repayments for 12 months, giving you breathing space. If your financial situation hasn’t improved after that period, your qualifying debts could be written off completely.
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What is a debt relief order?
A Debt Relief Order (DRO) is a low-cost debt solution for people with little spare income and few assets. It allows you to pause repayments for 12 months, after which qualifying debts can be written off completely.
You may be eligible for a DRO if:
- You owe less than £50,000 in total debts.
- Your vehicle is worth less than £4,000.
- You have other assets worth less than £2,000.
- You have less than £75 left each month after paying essential bills and living costs.
How it works:
When you enter a DRO, your creditors agree to stop chasing payments for 12 months. If your financial situation hasn’t improved after that time, your qualifying unsecured debts are written off in full.
Not all debts can be included in a DRO, so it’s important to speak to one of our advisors to confirm if this is the right solution for you.
Benefits
Here’s how a Debt Relief Order (DRO) can help you regain financial freedom:
Lasts for 12 months
No monthly payments
Stops creditor contact
Free to apply
Debt written off after 12 months
Considerations
Before applying for a Debt Relief Order (DRO), here are some important points to keep in mind:
Asset limits
You cannot qualify for a DRO if you own property or have assets worth more than £2,000.
Income changes
If your circumstances improve and you can afford repayments, or if you fail to co-operate, your DRO could be revoked. This would make you liable for the full debt plus interest and charges.
Public record
Your details will be recorded on the Insolvency Register, which is available to the public.
Impact on credit rating
Your credit rating will be affected for 6 years from the start of your DRO.
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frequently asked questions
How long does it take to get a DRO approved?
Once your application is submitted through an approved intermediary, it usually takes a few weeks for the Insolvency Service to process and approve a Debt Relief Order.
Is there an income limit for a DRO?
Yes. To qualify, you must have less than £75 left over each month after covering essential living expenses.
What happens 12 months after getting a DRO?
At the end of the 12-month period, if your financial situation has not improved, all the debts included in the DRO will be written off.
Can having a DRO affect my job?
In most jobs, a DRO won’t affect your employment. However, some roles in financial services or law may have restrictions, so it’s best to check your contract or speak with your employer if unsure.
Can having a DRO affect my mortgage?
Yes, a DRO can affect your chances of getting a mortgage in the future, as it will appear on your credit file for six years. If you already have a mortgage, it won’t be included in the DRO, but you must continue making your payments.
How long does it take to set up a DRO?
Once your intermediary has all the required information, it usually takes a few weeks for the Insolvency Service to process and set up your DRO.
Can a DRO stop bailiffs?
Yes. Once your DRO is approved, creditors included in it must stop enforcement action such as bailiff visits or debt collection.
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Take Back Control of Your Debt
Taking back control of your finances doesn’t have to feel overwhelming. At Care About Money, we make the process simple and supportive, keeping you informed at every stage, so you know exactly what to expect.
We will call you to discuss your circumstances.
We help you decide on your best course of action.
We will help guide you through the process.
Care About Money Limited
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.
Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.
All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected.
Registered Office: The Granary 50 Barton Road, Worsley, Manchester, England, M28 2EB. Registered in England and Wales Registration number 13444035. ICO registration number ZB723901.
Care about money Ltd FRN 962287 is an appointed representative of Promethean Finance Limited FRN 662425.
Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails, it could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected for the medium to long term. Homeowners may be required to release the equity in their property, if unable to release equity and equity is available creditors may request an additional 12 months payments in compensation.
Care About Money does not directly provide debt solutions, it will provide advice and refer you to one of it’s trusted debt solution providers should you choose a solution that suits your requirements. We will receive a fee if you enter into an agreement with one of our partners. Adele Cardoso is licenced as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association.
All work undertaken by Arkle Insolvency Limited and Adele Cardoso (IP number 30710) is subject to the Insolvency Code of Ethics. Subject to eligibility and acceptance. Fees Payable. Debt write off applies to unsecured debts only and on completion of an IVA. If your IVA fails any debts remaining will not be written off. Failure of your IVA could lead to Bankruptcy, although this is rare and alternatives may be available. Your ability to obtain credit will be affected.