what's a DRO

in IVA & DRO
2 replies 929 views
Hi - seen a few times that people have mentioned DRO's - what are these? Should I look at this as an option before bankruptcy? What are the criteria? I can't show any surplass income to support regular payments, I have no assets....thanks!

Replies

  • opps - just seen there is a sticky on this one....will go have a look...:o
  • Hi Champsuper
    You've prob read up on this for now...
    Debt Relief Orders are for people who owe less than £15,000, do not own their own homes, have a car over value of £1,000 and do not have assests worth more than £300. Also cannot have surplus income more than £50 per mth.
    You need to get in touch with CAB/CCCS/NDL and they will advise if this is a suitable route for you. They act as the intermediatries, basically you pay £90
    at a p/point or post office, they submit your DRO forms via the internet and that's it - you appear on the insolvency register in about 48hrs. No courts or
    interviews or name in local area.
    Only downfall is if in the 12mths you go DRO if your situation changes and you have more than £50 excess each mth the DRO will be revoked and you'll be back to square one.
    Think that's about it!
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