If you are in debt in England and have chosen the option of a debt relief order, then a successful DRO order helps you get out of this debt. Here’s how a DRO starts and ends.
It is the season of Christmas. Hopefully, a happy new year free of any health scare for humanity is coming soon. You have done good shopping so far, which has not bent your budget with debt.
Just in case you have the holiday season and other debts piling up, then here’s what you can expect from a successful DRO. If a debt relief order is an option, maybe your debt adviser has said it’s the best one for you.
A Successful DRO Starts This Way
Your journey will start with your debt. Deciding on a debt relief order is one of the many ways you can begin to deal with your debts. Here are some debt conditions you need to fulfil:
1-You owe an amount of £30,000 or less
2-You are not the owner of your home
3-You don’t own other assets or anything of value
4-You don’t have much spare income
5-You are not able to pay off your debts
6-After you’ve paid most of your household expenses, you don’t have more than £75 left every month
7-At least six years have passed since your last DRO order was made
8-You’ve lived or worked in England in the past three years
Contacting a DRO Adviser
A trusted DRO adviser can guide you on all the steps you need to take for a successful DRO. Here are some things you need to share with your DRO adviser:
1-In the last two years, if you have given away any assets.
2-Over the previous two years, if you have sold any assets like a car for less than its value.
3-Over the last two years, if you have prioritised paying back the debt of one creditor, like a relative, over other creditors.
If you have done any of the things mentioned above, there is a strong chance that your DRO order application gets refused.
Check if DRO is Right Option For You
Keep having regular talks with your debt adviser about the impact a DRO can have on your life. To have a successful DRO, you will need to follow the laid down rules and restrictions during the period of the DRO. These rules include:
1-If you are going to borrow £500 or more, you need to tell your creditor about your DRO.
2-You have to take permission from the court before being director of any company or setting up or promoting any limited company.
3-During the period of the DRO, the Individual Insolvency Register will have your details. Anyone can check these details.
Most debts are included in your DRO. You don’t have to make payments for them. Your creditors can’t force you to pay those accrued debts.
The DRO period usually continues for one year. Once the DRO ends, most debts that you have get wiped away. This process is how a successful DRO evolves from start to finish.
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