Debt Relief Orders ...an update

The first Debt Relief Order or DRO was approved a decade ago.  According to recent government figures, an astonishing £2.3 billion of debt relief has been granted, helping more than a quarter of a million people out of debt.

This procedure is a simple, cheap solution for those people with a low level of debt who have little in the way of assets and avoids the disabilities associated with bankruptcy.  Since 2015 the upper limit for qualifying debt has risen from £15,000 to £20,000 and the asset limit from £300 to £1000.

It is important for all those in financial difficulty to take the appropriate advice as different circumstances lend themselves to different insolvency procedures however the relative ease and low cost of setting up such a procedure may mean individuals are debt free within a year….