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May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here. Your credit rating may be affected.
Become debt free in 1 year with no repayments.
May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here. Your credit rating may be affected.
Find out if you are eligible.
Money Helper (formerly The Money Advice Service) is a free service set up by the Government to help people make the most of their money. If you would like to learn more click here. Please note that we have no affiliation with Money Helper.
Our experienced advisors are waiting to help you start dealing with your debts.
Find out more about the debt repayment plans available to you.
Our advisors will support and guide you throughout your journey to debt freedom.
As with any debt agreement, it’s important that you seek professional advice before committing.
A DRO is a formal debt solution whereby you cease to make payments towards your included debts for a period of 12 months.
If after this time your financial position has not changed and you still can’t make any contributions towards your debts, all of your debts are written off in full.
So a Debt Relief Order could be ideal if you cannot afford to make any repayments towards debts that are eligible to be covered by a DRO.
To be eligible for a DRO you must meet the following criteria:
Below are the main disadvantages of entering into a DRO. To learn more and see how a DRO could impact you, please get in touch.
This is not a full list of the debts that can be included in a Debt Relief Order, please get in touch to see what other debts can be included.
A DRO may not be suitable in all circumstances. Fees and disadvantages may apply, learn more here. Your credit rating may be affected.
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If you have more than £6,000 debt and can afford to make a regular monthly repayment towards clearing them, there is a good chance that an IVA would be a good solution for you.
With an IVA you make a single monthly, affordable repayment towards all included debts for, typically, a 5 year period. After this time any remaining debts are usually written off in full.
* We assess each customer individually based on their circumstances and payments to the IVA are based on what is realistic and affordable.
A Debt Relief Order creates a legally binding agreement between you (the debtor) and the people/companies you owe money to (your creditors).
If you do not have enough money left over at the end of each month to repay your debts once all of your living expenses have been paid, a DRO could be suitable for you.
In general, a Debt Relief Order will not have any impact on your job. However, in some professions, such as accountancy and solicitors, entering into a debt management solution could mean that you are unable to practice or will be able to only under certain conditions.
All debt solutions will have an impact on your credit score.
Details of your debt solution will be entered onto your credit record and will remain there for a period of usually 6 years.
As of June 28, 2024, there is no fee for applying for a Debt Relief Order.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
© 2024 Advice Centre Group Ltd.
www.yourdebtadvisor.co.uk is a trading style of Advice Centre Group Ltd registered in England and Wales (14322979). Registered office: Second Floor A, Cheadle Place, Cheadle, Cheshire, England, SK8 2JX.
Advice Centre Group works in reasonable contemplation of ivas. If you decide on another solution other than an iva we will pass you to our partner Dissolve Debt Limited, which is authorised and regulated by the Financial Conduct Authority to provide debt advice, firm reference number 662423.
Entering into a debt management plan, you will be made aware of any fees before you contract into any agreement, and you will be given plenty of time to think about what you want to do before making a decision. At no stage are you under any obligation and you are always protected by your consumer rights.
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 regarding Individual Voluntary Arrangements (IVA) 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)
What you need to know about Individual Voluntary Arrangements (Insolvency Service)
We provide solutions to individuals throughout the UK, We Will help recommend solutions available, tailored to your circumstances in which you can then make an informed decision about which solution you qualify for.
May not be suitable in all circumstances. Fees and disadvantages may apply, learn more here. Your credit rating may be affected.