The Insolvency Service announced that new limits are in place for Debt Relief Orders (DRO) from 29th June 2021. This is good news for those that qualify and it is expected that over 13,000 more people will have that option available to them. So what do you need to be made aware of?
A Debt Relief Order – also referred to as a DRO – is a formal debt solution designed for people with little or no assets and low income. If you don’t own your own home and have little spare income and debts below a certain level, then a DRO could be a way to deal with your debts. It is an alternative debt solution to Bankruptcy or an Individual Voluntary Arrangement and available to residents of England, Wales and Northern Ireland.
If you want to read more about the consultation responses, the Insolvency Service has published them here.
If you discover that you are not eligible for a DRO then there may be other options available to you in the form of debt management, bankruptcy and IVA.
You can read more about each option on our debt solutions page here.
At UKDS, we specialise in providing IVA’s after thoroughly checking if you qualify for one. Our expert advisers can help you through the process. Check if you qualify for an IVA by visiting this link.