Debt Relief Orders – Take Advantage of our FREE service now! *
At Baines & Ernst we are committed to helping you find a solution that will help you deal with debt problems, that’s why we offer our Debt Relief Order services free of charge!
A Debt Relief Order, also called a DRO, is an alternative to Bankruptcy and is available to people who are struggling to repay debt and have a very low disposable income.
A DRO doesn’t cost as much to process as Bankruptcy. All you pay is a one-off fee of £90 to submit the application to the Insolvency Service.
The duration of a DRO is typically one year. During this period, none of the creditors included in the DRO will be able to take action against you to recoup money owed to them. At the end of the year, you’ll be free from all the unsecured debts listed in the order.
Advantages of a Debt Relief Order
| Alternative to Bankruptcy: | A DRO is an alternative to Bankruptcy for those with little assets or disposable income. |
| Clear debts: | All unsecured debts included in the DRO will be cleared after 12 months. |
| No monthly charges: | Baines & Ernst provide the DRO service for free. All you pay is a one off fee of £90 which is paid directly to the Insolvency Service. |
| No appointment: | Unlike Bankruptcy, you do not need to book an appointment at the courts to process your application – we take care of everything on your behalf. |
Debt Relief Order: what you need to know
| Legally binding: | You must co-operate fully with the Officer Receiver throughout the DRO process. |
| Credit rating: | Your credit rating will be affected for 6 years after the DRO, which will also remain on public record for 15 months. |
| Obtaining credit: | You could have problems securing credit in the future (either alone or with someone else). |
| Debts: | Only unsecured debts can be included in a DRO. For example: personal loans, store cards, credit cards, bank overdrafts, catalogue accounts. |
Who can apply for a Debt Relief Order?
Debt Relief Orders from Baines & Ernst are available to people living in England and Wales.
You could qualify for a DRO if you:
- Are unable to pay your debts
- Have unsecured debts that do not exceed £15,000
- Have assets that do not exceed £300
- Have a disposable income of £50 or less after deducting general living costs and bills
- Have not had a Debt Relief Order within the last 6 years
- Are not involved in another formal insolvency procedure when applying for a Debt Relief Order
The criteria above is to be use as a guide, therefore we recommend that you speak to an expert advisor for more details.
* Whilst we do not make a charge for our DRO service you will need to pay a £90 application fee to the Insolvency Service.
Baines and Ernst Ltd