What happens if I decide to do a DRO?
Applications for a DRO are made via an approved intermediary.
The approved intermediary will help you understand if you meet the application criteria and then submit your application once a £90 fee is paid.
Discharge after 12 months
After 12 months, as long as you continue to meet the criteria, you will be released and your debts will be written off. No monthly payments are made in a DRO.
A definite outcome
Once the DRO is complete, you’ll be debt free – this is guaranteed. All included debts are written off.*
No monthly payments
Once your application is approved all creditors must accept it and that no payments will be made.
Creditors can’t take legal action against you.
Less stigma as it becomes more commonplace
Many people per week enter a DRO in England and Wales.
*Some debts cannot be included in a DRO, such as court fines, child maintenance arrears and secured debts.