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Details About the DRO - Debt Relief Order

July 06, 2012 | Comments: 0 | Views: 170

Debt relief is the concept of forgiving someone for the payment of debts. A debt relief order is a kind of a document for the debtor to get a stand against the creditors, so he gets time for the payment of debts. It allows you to negotiate with the creditors, on low interest rate charge and the installments being re-settled on the basis of the amount the debtor can pay every month.

Eligibility criteria for DRO If you are willing to avail this option, then the best way to do so is by first gathering ample information on the topic. You should know whether you even qualify for the relief order for debts or not. If you do, then you can log in online or get the information from the physically located information sources in the markets near you. To know if you qualify for the DRO you should be able to realize:

  1. You are not able to pay all your debts from your own pocket
  2. If you have 15000 pounds or more of the amount of outstanding debts, you do not qualify for the DRO. The debts that are 15000 pounds or more, should not include the unliquidating loans that are still due and the maturity date has not yet arrived
  3. Debt management through the DRO is possible only if you do not have any asset worth 300 pounds or more
  4. After you have managed all your monthly needs, you should have a disposable income of not more than 50 pounds. If it is more than that you do not qualify for a DRO
  5. For the past three years, you should be living in England, Wales or in any place that comes under the geography of England. You should have a residency permit for England
  6. If you have already applied for a DRO, you cannot apply of a DRO again until the next 6 years
  7. You cannot avail any other insolvency alternative when you have applied for a DRO
  8. A court can guide you towards the DRO practice if you have filed for the bankruptcy petition

Discussion The fee for the DRO is only 90 pounds. You can also pay the amount in installments as well if you are not able to pay the amount in one go. Apart from that, you have to take help from a financial advisor while getting a DRO filed. You cannot do it on your own. A third party is needed for it.

If you want to file for more information online then what you need to do is to get online on the many blogs and the forums on which the people have placed information for the DRO. People ask questions on the online forums and you can get many answers to your own questions as well.

You can also log in to the user review sections of the websites of the counselors on DRO. The people who have availed the services of the counselors will tell you how the counselors can help you out and how effective they are in their help.

Hammad Akhtar is an expert writer in the field of dealing with financial issues. He has written many articles on the topics of personal bankruptcy, debt relief order debt issues, asset management etc. You can read all his articles and log on to You can take help from him in any area of issues in your financial health.

Source: EzineArticles
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