Home » Debt Relief Orders (DRO's) » Is a DRO suitable for me?

Is a DRO suitable for me?

To apply for a DRO, you must meet certain conditions:

• You must be unable to pay your debts.

• You must owe less than £15,000.

• You can own a car to the value of £1000 but the total value of other assets must not exceed £300.

• After taking away tax, national insurance contributions and normal household expenses, your disposable income must be no more than £50 a month.

• You must be domiciled (living) in England or Wales, or at some time in the last 3 years have been living or carrying on business in England or Wales.

• You must not have been subject to another DRO within the last 6 years.

• You must not be involved in another formal insolvency procedure at the time you apply such as:

a) An undischarged bankrupt;

b) A current Individual Voluntary Arrangement;

c) A current Bankruptcy Restrictions Order or Undertaking;

d) A current Debt Relief Restrictions Order or Undertaking;

e) An interim order

f) A current pending debtor’s bankruptcy petition in relation to the debtor but the debtor has not been referred to the DRO procedure by the court as a more suitable method of debt relief;

g) A current pending creditor’s bankruptcy petition against the debtor but the debtor has not obtained the creditor’s permission for entry into the DRO process.

If you are not sure about the extent of your problem then try filling in our online Debt Calculator. This will help you calculate how much money you have left over each month to pay your debts (creditors)

Getting in touch with an insolvency expert for free advice is as easy as picking up the phone. Call us on free phone 0800 156 1536.

If you would like one our experts to contact you to discuss your financial position and how we can help, please send us your details so we can arrange a call back at a time that is convenient to you.

DRS - Debt Restructuring Solutions

Is a DRO suitable for me?