How do I apply for a Debt Relief Order?
A Debt Relief Order (DRO) could be the answer to your debt-related stress at the moment. It will enable you to freeze your repayments and interest charges for a period of a year, and as long as you’ve met your requirements during that period the debts will then be written off.
A DRO is only available in England, Wales and Northern Ireland, and will cover unsecured debts up to £20,000. If you are eligible to apply for the scheme, the application needs to be made by a recognised insolvency practitioner. You won’t be able to apply yourself.
Unsecured debts such as credit card balances and payday loans will be included in the DRO, but others such as student loans will not. It’s best to talk through your options with our team before deciding what to do next. Other schemes such as an Individual Voluntary Agreement (IVA) might be more appropriate for your needs.
You will also need to think about the implications of a DRO before signing up. Your credit rating will be affected, and this can have an effect on your ability to obtain credit for several years. Thankfully, we can offer you all the support and guidance that you need before signing on the dotted line.
A Debt Relief Order offers an effective route out of debt and away from stress, but it’s not for everyone. Here at BlueSky Finance, we can talk you through the options that are available to you, underlining the plus and minus points of each of them. Just call 0141 488 2212 to start the process. We hope to hear from you soon.