Illustrative Example

Availing debt help solutions to overcome your debt issues might seem simple, yet they come with their own pros and cons. Getting the Debt Relief Order UK services to overcome your debts may sound great, but at the same time, it might be confusing as to how exactly they help with debt reduction. So, we have put forward a representative example to help you understand better.

Assuming that you have your total unsecured debt amounting to £15K that you owe your creditors, your monthly repayments will come to £625 over a period of 24 months. On the other hand, by availing a DRO, you can write off up to 80% of your unaffordable debts. So, even if you have up to 65% of your debts waived off, an amount of £9,750 will be written off, and you will be left with a total debt of only £5,250, which can be repaid as smaller amounts of £218 for the same tenure. However, it is to be noted that the tenure of the debt repayment plan and the amount getting written off will depend on various factors and will be finalized by the IP.

Current Monthly Repayments

£625

%Debt Written Off

65%

Revised Monthly Repayments

£218

Write Off Diverse Debts With Our Debt Reduction Services

At SwiftDebtAssist, we understand that like the diverse financial situations of individuals, the debt issues also vary from person to person, and so will be the debt types, and their solutions. With the debt reduction programs in the UK, you can write off many different debts to live a cleaner financial life. Typically, classified broadly as - Priority Debts & Non-Priority Debts, they respectively include -

Priority Debts

  • Secured Loans
  • Housing Rent
  • Court Fines
  • Council Tax
  • Income Tax
  • National Insurance
  • Utility bills

Non-Priority Debts

  • Bank Loans
  • Unsecured Loans
  • Personal Loans
  • Overdrafts
  • Credit Cards
  • Money Taken From Friends/Family

Why Choose SwiftDebtAssist To Apply For Debt Relief Services?

Debt Waiver

Exempt Your Debts

You can have up to 80% of your debts exempted

Freeze Your Rates

No Upfront

We do not charge any upfront fees or additional charges

safe secure

Frozen Rates

All your interest rates and other charges will be frozen

Various Services

Reduced Payments

After DRO, you repay lesser amounts affordably

Affordable Payments

Legal & Safe

All debt help solutions are legal, safe, & secure

Protect Assets

Asset Protection

You can save your belongings from being confiscated

Why Avail Debt Relief Order UK To Resolve Debts?

Typically, a Debt Relief Order (DRO) is a type of debt solution that helps debtors with low income and fewer assets to get out of debt in a safe way. When a debtor cannot repay the unaffordable debts due to the financial shortcomings, a DRO can be availed under specific conditions. The best part of getting a DRO is that the creditors also do not go without any repayments, and they get at least a minimum amount, and the debtors also have their debts cleared. Apart from that, there are quite a few other benefits of getting a DRO, and they are –

Need Approval from creditors

For Various Debts

Many different types of debts can be considered while writing off debts with a DRO

No more haunting by lenders

Up To £20K

If you have low income & no assets, you can write off debts of up to a maximum of £20K with a DRO

No fees

Fixed Period Of Time

Coming for a fixed time of mostly 12-months, your debts will be cleared after the DRO period

Secure your belongings

No Lender Chasings

Your creditors cannot chase you for repayments in the DRO period, & they have to deal with your IP

Frozen interest

Affordable Payments

After your debts are written off with the DRO, you can repay affordable amounts as per the plan

Manageble repayments

Safeguarding Assets

With a DRO, you can protect your assets & belongings without getting seized for payments

For more help and advice, visit the Money Advice Service, an independent service set up to help people manage their money. Or find out more about the different options for paying off your debt here. IVAs are not available in Scotland. Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Frequently Asked Questions

Overcome Your Exorbitant Debts With The Right Debt Settlement Options