Debt Relief Order

A Debt Relief Order is one of the options that can be used in order to get debt under control. The criteria is straight forward and listed below.

• The amount of debt owing must be below £15000
• You must not have assets totalling more than £300
• You will be allowed to keep your car if the value is below £1000
• Your disposable income, which is what you have left over at the end of each month after you have paid for all of your essentials such as rent or mortgage, utility bills, food etc, must not exceed £50.
• You must be domiciled within the UK for a minimum of three years.
• You will be expected to make arrangements to repay your creditors should your financial circumstances improve.