Will I qualify for a Debt Relief Order?
It can be so difficult and so stressful to cope when your debts seem to be spiralling out of control. Every day brings more letters, more phone calls and more emails demanding money that you just don’t have, and it all adds up to yet more worry. A Debt Relief Order (DRO) could be the answer to the problems, but will you qualify for one?
There are a number of conditions that need to be met. If you live in England, Wales or Northern Ireland you may be suitable, but a DRO isn’t available in Scotland. You need to have unsecured debts that you simply cannot afford to pay, and those debts mustn’t total more than £20,000.
Those who own their own home won’t be eligible, and you mustn’t have had a previous DRO in the last six years. If these criteria are met, you will need to apply through an insolvency practitioner who will manage the process on your behalf. There will be a £90 fee which you will need to pay.
Would you like to be debt-free one year from now?
A Debt Relief Order usually runs for the period of one year, and during that time your debt repayments and interest charges will be frozen. Providing you meet all that is required of you during that year your relevant debts will then be written off. The peace of mind that you once thought impossible to find could be coming your way in just twelve months.
You should bear in mind that there are some disadvantages to having a DRO as well. The process will have an adverse effect on your credit rating, for example, it won’t cover debts such as those relating to student loans, child support and fines from magistrates courts and if you have rent arrears it won’t stop your landlord from taking action against you.
To find out more about Debt Relief Orders and other possible solutions such as sequestration, have a chat with the friendly, experienced team at BlueSky Finance soon. We’ve helped many people just like you, and we continue to offer sympathy, support and practical guidance to all. We’re available today on 0141 488 2212, and we hope you’ll get in touch soon.