Living a life with debts is not just stressful, but comes with a lot of agonies too. By overcoming those in a legitimate way could help you lead a much cleaner and a manageable financial life. At SwiftDebtAssist, you can apply to avail solutions like DRO that will help you get out of your arrears in a convenient way. Here is a glance of how a DRO will help you get out of debt.
You can start the process of availing debt help by filling the online application form on our website and submit it with all the required details.
Your request form will be passed on to suitable debt advisors in our network who will provide appropriate debt advice.
A licensed Insolvency Practitioner will study your debts & financial situation and will work to sort out your debt issues with your creditors.
If all goes well, and your creditors agree with the IP’s debt solutions, a suitable debt solution like DRO will be passed on and your debts will be written off.
Writing off your debts with a debt solution could be quite a confusing process for most common people. So, we have put up an illustrative example with real figures to help you understand how a DRO will help you get over your debts.
Let’s assume that you have your unsecured debts total up to £15K
For a total debt of £15K, you pay an EMI of £625 for 24 months
By availing this debt help program, you can write off up to 80% debts
By writing off 80% debts, you will be left with just £3K of your debts
Now, you have to repay just £125 as EMI after writing off your debts
Many different types of debts can be written off under Debt Management Programs, and most of the time it is the unsecured debts. To give a better idea of the types of the debts that can be written off with a DRO, we herewith mention a few of them specifically –
Debt Relief Order, more commonly referred to as the DRO, is one of the popular debt management services provided by many reputable financing institutions in the UK. Typically, a DRO is a legal debt insolvency solution for borrowers who have considerably lower income, a relatively lesser debt level, and fewer assets.
A DRO can be availed for unsecured debts only for a maximum debt amount of £20,000. You should have low income where you are left with a disposable income of less than £50 for the month after your regular monthly expenses like the household & utility bills, and all your other essential expenses have been dealt with, and the total value of the assets you own should not exceed £1,000. Also, you shouldn’t have had an insolvency case in the last 6 years.
A DRO is available in England, Wales, and Northern Ireland, whereas, in Scotland, it is available as a more similar kind of a solution called the Minimal Asset Process (MAP). You should have been a working resident of the country (England, Wales, or Northern Ireland) where you are applying for the DRO for at least 3 years.
A DRO is a private legal agreement in between you, your IP, and the lenders. So, there is nobody else who will know about the DRO, unless they search on the public record of the Individual Insolvency Register. The DRO will remain on your credit record for 6 years but will be removed from the register after 3 months of completion of your DRO.
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