Advice Centre Group

Debt Relief Order

Debt Relief Orders are formal debt solutions designed for people with no assets and low income.

Advice Centre Group

DRO

A Debt Relief Order (DRO) is an agreement designed to help people with little to no spare income, who don’t own their home, and have debt of £30,000 or less, repay their debt over time.

A Debt Relief Order essentially pauses your debts for 12 months. If you successfully apply for a DRO, your debts, as well as interest and charges, will be frozen for a year. For those 12 months you will not need to pay anything towards your debts.

The idea behind DROs is to give people freedom from the restrictions of debt for an extended period of time in the hope that their financial situation improves. If, at the end of that period, your debts remain and your situation hasn’t improved, your debts will then be written off.

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© 2023 Dissolve Debt Ltd. www.advicecentregroup.co.uk is a trading style of Dissolve Debt Limited, which is authorised and regulated by the Financial Conduct Authority, firm reference number 662423. Your payments into a Debt Management Plan are protected, and compensation could be available from the Financial Services Compensation Scheme if there are any shortfalls in funds held on a customer’s behalf. Dissolve Debt refers customers to Advice Centre Group Ltd for Individual Voluntary Arrangements and Protected Trust Deeds. Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX. Adam Southard is authorised as a Licensed Insolvency Practitioner in the United Kingdom by the Insolvency Practitioners Association

We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meet the criteria for one of our insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency appointment.

Adam Southard is licensed to act as an Insolvency Practitioner in the UK by the Insolvency Practitioners Association. Office Holder No. 11930

Insolvency Practitioner Directory- Insolvency Practitioner Details (bis.gov.uk)

We provide solutions to individuals throughout the UK, specialising in Individual Voluntary Arrangements that comply with the IVA protocol