1. Debt relief order is a formal way to deal with
unmanageable debts. It is important to meet
with certain criteria to apply for this formal
repayment option. If you are in DRO then
your creditors are bind not to take any legal
action against you for non repayment of the
loan. At the end of DRO period, covered
debts get discharged and further you are
free from any financial obligations. It
generally stays for 12 months period.
credit consolidation
2. In order to qualify for this option, you should not be a homeowner; your
assets value should not worth more than £300 and remaining amount
should be less than £50 after paying for living expenses There should
be little hope of improvement in your financial situation Your debts
should also be less than £15000 and your business or resident should
be at England or Wales
3. Only authorized debt advisor or official receiver can issue DRO for you
While considering , people often get confused on selection of loans that
can be covered credit consolidation in this option You must know that
this option cover several debts but not all financial obligation of the debtor
4. Debts that can qualify for this option are overdrafts, utilities, rent, credit
card debts, personal loans, telephone charges and council tax You may
also propose to include agreement based classifieds like buy now pay
later, hire purchase, conditional sale etc Debts that cannot be included in
DRO are social fund loans, child support, court fines, student loans and
debts acquired after DRO
5. If you have borrowed a bank loan then you can include this option in
DRO proposal You are not required to repay the amount for included
loan At the end of DRO, your bank loans will be written off and you will
be free from liabilities of repayments
6. However, if you forget to include this loan in DRO then your creditor can
take legal action against you for repayments You will also liable o pay
back the amount in time If you want to complete DRO successfully then
get required information before applying for this option and choose this
only if it is good according to your requirements
7. Robin Smith is a professional debt advisor and experienced writer
who have written many articles on several and issues and solutions If
you want to access information on debt relief order then read this article
in full
