Debt Relief Order (DRO) | Debt Solutions Explained | M1 Debt Solutions

Debt Relief Order (DRO)

Information about the most popular debt solutions


An Debt Relief Order (DRO) is a formal insolvency process that can help you deal with you debts if you owe less than £20,000, are not a homeowner and don’t have any spare income to repay your debts.

DROs are designed to help people with little or no assets become debt free in usually one year (12 months) and are an alternative insolvency debt solution to Bankruptcy or an Individual Voluntary Arrangement (IVA).

DRO Advantages

  • At the end of a DRO your debts will be written off
  • The fee of £90 is more affordable than some other debt solutions
  • You will keep any asset, including a car, providing it is not valued at £1000 or more
  • You could be debt free in one yearn the DRO

DRO Disadvantages

  • Your DRO is entered on a public register
  • You cannot enter into an DRO if you have an existing IVA, bankruptcy order or own your property
  • Employment could be affected (you cannot act as a director of a company)
  • You will remain liable for debts not included in the DRO
  • A Debt Relief Order (DRO) will stay on your credit file for six years.

OTHER DEBT SOLUTIONS

Debt Management Plan (DMP)

Bankruptcy

Individual Voluntary Arrangement (IVA)

WHY CHOOSE M1 DEBT SOLUTIONS?

Our aim

Our aim

To help you understand the options available to you and help you on your road to debt recovery.

Experienced team

Experienced team

We have over 10 years experience helping our customers improve their circumstances and deal with their debts.

Experts on

Experts on

Bailiff enforcement action; Council Tax arrears; court fines; parking fines; gas, electric and water arrears; debt consolidation; and all debt solutions.

Tim – Reviews

Very professional. Very understanding and non judgemental.

Tim

Frances – Reviews

They took care of everything. Very professional.

Frances

Cara – Reviews

Now I can be financially free quicker and can move on without all the hassle from my creditors.

Cara

Tracy – Reviews

They dealt with my case very efficiently. They were very helpful and got me out of trouble with my debt and the horrible bailiffs!

Tracy

Nadine – Reviews

They were great from start to finish. I'm so happy with this service. Thank you very much.

Nadine

Susan – Reviews

Amazing helpful people.

Susan

Paul – Reviews

The process was simple from start to finish and all the leg work was done by M1 Debt Solutions so I never had to stress out trying to make contact with all the companies I owed to.

Paul

Jayde – Reviews

Right from the beginning I felt reassured and confident he would be able to help me.

Jayde

Julie – Reviews

When I contacted M1 I was in a really difficult place and their efficient, considerate handling of my situation was quite simply amazing.

Julie

Debt Relief Order

Updated on 2018-06-06T14:17:43+01:00, by admin_m1.