Debt Relief Order Application

[UKmember]

Dear All,

I have debt totalling up to around £13,000 and have been paying this through a debt management plan, however at the end of the month my working contract will have ended.

I will meet the requirmemts for a DRO but don't know how or where to apply.

Doe's any know and also is there any solicitors that can help me with the process?

Best Regards

[FlamingParrot]

Re: Debt Relief Order Application

A DRO is a form of insolvency, very similar to bankruptcy, only cheaper to apply for and with much more stringent requirements. As with all forms of insolvency, it should only be used as a last resort, merely meeting the requirements doesn't make it the best course of action.

Before going further, it would be useful if you told us more about your debts, such as:

• type of debt: credit card, loan, catalog, etc.
• amount outstanding
• approx. date taken out
• approx. default date
• approx. date last payment
• original lender (bank, finance company, etc.)
• current owner (DCA)

Depending on the nature of your debts, there may be other alternatives. For example, I have just over £15k worth of debt (credit cards) which I've not paid in 4 years, and there's some on here with up to £150k unsecured :scared: :scared: watching the clock tick away till statute barred :clock: :clock: :clock: without resorting to insolvency. Apart from the damage to your credit files, when you opt for a formal debt remedy such as a DRO, you acquire certain obligations, such as the need to inform the Official Receiver about everything regarding your income, assets, liabilities, etc. You may want to look at this guide: http://www.adviceuk.org.uk/wp-conten.../1droguide.pdf

There are cases where a DRO may be appropriate, but you should really look at ALL the options first, and not view at it as a quick fix. :nono:

You don't need solicitors to apply for a DRO but you need to go through an approved intermediary, they are listed on this Word doc provided by the Insolvency Service: http://www.insolvency.gov.uk/insolve.../DRO%20CAs.doc