Debt relief order or DRO is a financial order guaranteed by insolvency service to help borrowers in clearing of existing debts. It is cheaper and preferable form of bankruptcy in which all included debts written off after one year.
ListFree.org (Press Release) - Tuesday, September 18th, 2012 -Debt relief order or DRO is a financial order guaranteed by insolvency service to help borrowers in clearing of existing debts. It is cheaper and preferable form of bankruptcy in which all included debts written off after one year. However, it is necessary to meet with certain conditions to go for this option. If you have unmanageable debts up to ?15,000 and you are residing at England or Wales then this option can help to eliminate your debts.
You can obtain debt relief order through authorized intermediary who works for competent authorities. Financial status of debtors will be examined before approval of DRO. Your financial situation should meet with certain situations that include your assets should not be more than ?300, you can keep a car worth ?1000, you surplus income should not be more than ?50 after spending on household expenses.
Assets only include realizable assets, necessary household things like washing machine, TV etc. Before considering this option, you may take advice from debt experts. Cost of DRO is ?90 that you could pay over six months. It is quite cheaper option than Bankruptcy.
You can add rent, telephone bills, gas, electricity and council tax in this repayment option. Credit card debts, overdrafts and unsecured loans are also eligible for this option. Other debts like HP agreements, conditional sale, buy now pay later deals, benefit overpayments and social fund loans can be included in this option. However, it doesn?t include the debts like court fines, student loans, confiscation orders, child support and maintenance cost etc. You will be responsible for such payments.
Debt Relief Order eliminate all include debts after 12 months period. But if your financial situation improves then you need to pay off your debts that will be decided by the intermediary. These are some important things about DRO that you must know before enrolling in this option.
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Source: http://www.listfree.org/53289-some-informative-facts-on-debt-relief-order.html
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