Although many of us face debt in our lives, not one situation is the same. Our expert team are here to listen to your circumstances in order to conclude whether a Debt Relief Order is best for you.
Life is unpredictable and it may be that you find yourself in a position where you are unable to pay your debt within the time and at the amount that you previously agreed. In some cases, it may be that your debt and repayments are leaving you with little to no money. No one’s debt should disable their life, and that is why MoneyAdvice are here to offer solutions to help take hold of your finances.
For those truly struggling, a Debt Relief Order may be the next step. A cheaper alternative to Bankruptcy, a Debt Relief Order will give you peace of mind, freeze all of your debt and is cheaper when compared to Bankruptcy. Thanks to their experience, the MoneyAdvice team are able to discuss your current financial situation in great detail and quickly assess whether a Debt Relief Order is the best route for you.
What is a Debt Relief Order?
A Debt Relief Order or DRO is a debt solution in which, like Bankruptcy, puts all of your debt and scheduled repayments on hold. If you are eligible for a DRO and your applications are successful, your debt is frozen for 12 months and your original lenders are not allowed to contact you or pursue any amount of your previous repayments, giving you a chance to better your financial state and take a second to breathe.
After the 12 month duration of your Debt Relief Order, if it comes to our attention that your situation has not improved, then your unsecured debts will be made invalid. If your situation has improved or does improve throughout the period that you have a DRO, then it might be that your DRO is cancelled. Each solution is implemented with the main aim of helping you pay your debt in a way that will do nothing but benefit your circumstances.