hi there. I was wondering if someone could tell me what a Debt Relief Order is. I got a cold call from a company today stating that 100% of debts can be written off in a year. obviously this is to good to be true but couldnt understand what they meant. x
Hi
It is similar to bankruptcy but is for people with debts below 15k, assets less than 300 pounds[car upto 1k] and disposable monthly income of £50 or less
You do not need a cold calling commercial company to help you with this, your local CAB will arrange this for you.
The cost is £90 and can be paid over 6 instalments
Regards
First of all if a company cold calls you there is something in it for them. If your debts are under £15,000, you have a disposable income of less than £50, you have a car worth less than £1,000 and you live in England or Wales a debt relief order is a very attractive option.
If you do not tick all those boxes a DRO is not an option but you still can petition for bankruptcy. The costs for a DRO are much less than bankruptcy but regardless do not pay someone to fill in forms for you that any poster on this forum would help you do for free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
