A Debt Relief Order (DRO) is a debt management solution where the debt is written off if you have a low level of debt and have only a few assets. This solution is available only in England, Wales and North Ireland. While applying for the Debt Relief Order, you should be a working resident of the country England, Wales and North Ireland at least for three years. This will give you eligibility to get qualified for DRO in a safe and a legal way.
If you are having too many debts and are not able to repay back on time, then you can avail of this debt management solution where if your financial situation hasn’t changed by the end of the period then all debts will be written off, this period could be for almost 12 months. This agreement comes with a fixed period of time without any public interference. The DRO will freeze your debt payments and if you are having lesser income and fewer assets, with debt amount of £20,000, then you can overcome your debts in a very convenient way at SwiftDebtAssist.
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
We offer unique and personalized services which are related to your situation and that will benefit you on a different level. We mainly focus on the individuals and solve the financial crises regardless of the circumstances.
Before applying for the debt management solution, make sure you satisfy all the eligibility criteria. The UK government has put forward a few qualifying benchmarks that have to be satisfied and qualified in order to avail of the service.
The individual applying should be at least 21 years of age to get qualified.
The applicant has to be a legal UK resident, only then he is eligible for the service.
An individual has to have a permanent UK address as proof of staying in UK.
In order to get qualified for the service, the applicant has to have a regular income.
An active bank account will get the individual qualified for the service easily.
The applicant applying for the service should not have been bankrupt in the past year.
Anyone can access and search for individuals under insolvencies as it is entered in a public register.
If you own a house, then you are not eligible for a Debt relief order solution. Even if it has no equity.
You can’t be irresponsible at the time of paying the debt amount, if so, then you will get debt relief restrictions order.
The debt relief order is registered under your credit file for a minimum of 6 years which will affect further credit.
We know that it is difficult to be stressed under debts, so we provide the most convenient way to clear your debts. Your situation will be thoroughly analyzed by the Insolvency Practitioner from our connections before giving you a plan of action.
Submit all your required details through the online form.
Get connected with the legal IP regarding debt advice.
Start paying off the debts according to the plan to become debt-free.
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