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Debt relief order? Anyone heard of them?


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The Citizens Advice Bureau has welcomed new proposed legislation that will provide an alternative to individual voluntary arrangements (IVAs) for consumers on low incomes struggling with debts.

 

Announced in the Queens' Speech last week, the Tribunal Courts and Enforcement Bill will offer those with assets under £300 and surplus income of under £50 a month to apply for debt relief orders if the debt is less than £15,000, UK personal loan store reports.

 

This would enable the debt to be discharged one year later if the circumstances of the borrower have not changed.

 

Welcoming the bill, Citizens Advice Chief Executive David Harker said borrowers "need to be given some hope that they can turn things around," which he believed the legislation offered.

 

Such an order would still leave the borrower's credit history damaged as the credit agreement will have been breached

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I have not heard of this. Where did you find this info?

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

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  • 1 year later...

Hi,

I heard about Debt relief order and i have few information on Debt relief order.

 

Qualifying criteria for a Debt Relief Order (DRO) are:

 

The outstanding balances to your debt must be under £15,000

You must not be able to afford more than £50 p/m towards the repayment of the debts, after the allowance of essential living costs.

You must not own an asset of a greater value than £300 - (including your property)

You must be domiciled in England, Wales or Northern Ireland or been a resident or running a business there for at least the previous 3 years.

You must not be subject to a bankruptcy, or a Bankruptcy restriction order, or an IVA or had a DRO within the previous 6 years.

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I don't think it's going to be really easy to qualify for this - it's justg another option - but it won't be open to a lot of people - according to this page What Is A Debt Relief Order - DRO Infomation from Baines and Ernst you can only have £300 of assets - most household have a couple of tvs, washing machine, sofas etc wouldn't these count as an asset that can be realised?

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da11ey

 

Household items dont count as assests.

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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Anyone been through this process of a DRO yet and have personal experience of it?

 

What's the procedure like and are your assets assessed in the same way as a bankruptcy?

 

Does an official come to your house and value your goods?

:!: -Any advise I give is based purely on my own experience. It should not be solely relied upon as I am NOT a legal expert and any major decisions you make should not be based on my opinion alone -

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Cap1 **WON** £1,500 Written Off Davey vs Cap1

 

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