Personal Options - Debt Relief Order (DRO)
A Debt Relief Order (DRO) is a similar mechanism as bankruptcy for those with personal debt of £20,000 or less.
There are other conditions, the main ones being:
- you don't own your home
- you don't own a car worth £1,000 or more
- you have less than £50 per month after paying household expenses
The fee to apply for a DRO is currently £90 and must be applied for via a DRO adviosr, also called an approved intermediary. You can find a DRO advisor at most local Citizens Advice. A DRO usually lasts for 1 year after which the debtor, with some exceptions (such as student loans), will be released from all of their debts. In 2017/2018 year there were 427 DROs in Northern Ireland, up from 330 in 2016.
Back to: The Options
Back to: Guide to Business Recovery and the Insolvency Process - Overview
A PDF version of the full guide to 'Business Rescue and the Insolvency Process' is available to download here.
Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.