A Debt Relief Order is an alternative to Bankruptcy aimed at individuals with debts less than £20,000.
Some of the key criteria includes:
You may be able to get a DRO if all of the following things apply to you:
- you unable to pay your debts and are insolvent
- your debts are less than £20,000
- you have less than £50 left each month after you’ve paid your usual household expenses
- you do not own your home
- other savings or things of value you own are worth less than £1,000 (some assets are ignored when working out the value)
- you do not own a car worth £1000 or more, unless it’s one that’s been specially adapted because you have a disability
- you have not had a DRO in the last six years and are not going through another formal insolvency procedure, such as bankruptcy or an individual voluntary arrangement
- you have lived, had a property, or worked in England or Wales in the last three years.
If you are unable to satisfy the above requirements then please contact us to discuss all the options that are available to you.
Remember – only Licensed Insolvency Practitioners can assist you with formal insolvency appointments (this is a legal requirement) and are best placed to provide insolvency/debt advice. Licensed Insolvency Practitioners are highly regulated and have professional indemnity insurance. Unfortunately, there are a number of unregulated “debt advisors” advertising on the web that demand payment for their costs and then have to refer you to a Licensed Insolvency Practitioner for any formal insolvency who may also require payment and you could effectively end up paying twice unnecessarily. In our experience, many debt advisors provide poor or wrong advice and in some cases encourage Directors to break the law.
RPG Business Recovery is part of Royce Peeling Green Limited (a firm of Chartered Accountants) and was established over 100 years ago (established in 1911). RPG have offices in Manchester, London and North Wales. All Insolvency Practitioners at RPG Business Recovery are authorised and licensed by The Institute of Chartered Accountants in England and Wales.
At RPG Business Recovery we highly recommend that you should always take advice as early as possible as this improves the chances of avoiding bankruptcy. Please feel free to contact us for a FREE no obligation advice meeting or if you prefer you are welcome to contact our Licensed Insolvency Practitioners directly. Our Insolvency Practitioners are Alan and James. You are welcome to contact either Alan (Mobile 07580 885750 or email email@example.com) or James (Mobile 07717 001087 or email firstname.lastname@example.org) directly.
If you want further advice regarding a Debt Relief Order or wish to apply for a Debt Relief Order you will need to use an approved intermediary. One of the approved intermediary includes the Citizens Advice Bureaux (CAB) and for more information on Debt Relief Orders can be found on the CAB website using the following link www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-relief-orders/