What is a Debt Relief Order?

A Debt Relief Order is approved directly by the governments Insolvency Service and is a much cheaper option than full bankruptcy, although it is very restricted in who can apply. The Order lasts for up to one year and you will be protected from legal action from your creditors. At the end of the Debt Relief Order your debts will be totally written off and you will be debt free. The fee for the Order is £90 which can be paid over 6 months in cases of severe hardship.

Who can apply for a Debt Relief Order?

You can apply for a Debt Relief Order if you meet the following criteria –

• you have unsecured debts of less than £15000
• your assets and savings total less than £300
• if you own a vehicle it must be worth £1,000 or less unless it has been specially adapted because you have a physical disability
• you have disposable income of £50 or less a month after paying your normal household expenses
• you have lived, owned a property or ran a business in England or Wales in the last 3 years

What type of Debts can be included?

Only certain types of debt can be included in a Debt Relief Order. These debts include –

• loans, overdrafts and credit cards
• rent and utilities bills
• buy now – pay later agreements
• benefit overpayments

How do I apply?

As part of Spencer Hayes – one of the UK‘s leading financial services companies – Debt Relief.org.uk can advise you on whether you are likely to qualify for a Debt Relief Order and the full procedure for applying. To find out more call us today on 0800 043 73 60 or complete our enquiry form and of sympathetic debt relief advisors will call you free and without obligation.