Debt Relief Order
A debt relief order can be a solution when debt management strategies or plans cannot help you when struggling to pay off your debts.
Debt Relief Order
A debt relief order can be a solution when debt management strategies or plans cannot help you when struggling to pay off your debts. This debt solution is appropriate for individuals of a certain criteria; it is for individuals who are unemployed or are in low-income brackets. However, they must prove that they are unable to meet their debt obligations due to their poor financial status.
Filling for bankruptcy used to be a stressful and lengthy process, a debt relief order remains a better option for individuals who have debts that are above 5,000 pounds, an asset base of less than 300 pounds and a disposable income that is less than 50 pounds.
A debt relief order once issued lasts for 1 year. During this period, creditors listed in the order cannot take any action towards recovering their money. It is important to come up in the open with all amounts owed. If your financial status does not improve, the debt relief order is firmed up. This renders you free from all the debts listed in the order.
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A debt relief order has a very fast application process
An application for a debt relief order can be done through a certified debt advisor who must have the authority to deal with DRO cases. Once any authorized DRO agent completes the forms, they should be sent to an official receiver (OR). Official receivers are court officers usually appointed by the Secretary of State, their role is to review debt relief orders and oversee the entire application process.
The official receiver also looks at the historical background before and throughout the DRO period. They also must ascertain that the debt relief order is genuine and the individual is not to blame for the DRO process. They also provide a report of these findings to the court and to the creditors listed in the DRO.
Debt relief order has a very fast application process since it is an online application procedure. The order covers debtors who fall under authenticated pension schemes, which include business and personal schemes. Many individuals can use debt relief orders when in financial stress; however, there are very strict measures to ensure that only those individuals who fit in the criteria use debt orders.