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DROs and Your Assets

A Debt Relief Order is a 12 month debt solution that allows you to temporarily stop your debt payments, and could allow you to have your debt completely written off. Eligibility for a DRO, however, is strict and specific, so it is not an option for many people. Of the many eligibility criteria that are required for a DRO, the most important is probably the limits placed on your assets. This is a crucial difference between DROs and other debt solutions.

Your Home

This is an, unfortunately, simple aspect of the DRO – if you own your home, you can’t get a DRO. This includes if you only own part of it, either as it is shared with another person, or because you are part way through a mortgage. This limits a huge number of people who are struggling with their debts.

Your Car

Unlike your house or apartment, however, you are allowed to own a car. This could mean that you fully own your car, or you are making payments towards it. However, the car must be worth less than £1,000. Your Official Receiver will require information about your car in order to check its worth, such as the make, model and registration number. If they believe that it is worth more than £1,000, it may still be possible to prove that it is worth less than £1,000, but you will need the support of two independent professional valuations.

If your vehicle has been modified to take into account a physical disability of either you, or someone you care for, the cost of the vehicle is not deemed relevant and you may still be able to get a DRO.

Your Other Assets

All your other assets must also value less than £1,000 in order for you to be eligible for a DRO. This includes: antiques, shares, savings, money owed to you, jewellery, and electronics. Their current value is taken into account, rather than their value when you purchased them.

This does not include some vital essentials, however. Your Official Receiver will not include items such as bedding and clothes when they valuate your assets. Similarly, tools necessary for your job will not be included.

Write off debts you cant afford
Find out if you're eligible

Please select the total sum of your debt

Less than £6,000
£6,000 - £20,000
More than £20,000

How many creditors do you have?

less than 2
2 or more

What kind of debts do you have?

Credit Card
Store Card
PayDay Loan
Personal Loan
Gas/Electric/Water Arrears
Income Tax / National Insurance
Tax Credit/Benefit Overpayment

What type of property do you live in?

Private Rented
Living With Parents

Where do you live?

Northern Ireland

At Creditfix we will only use your personal information to conduct your debt help application. You will be called by a member of the Creditfix team who will give you information on insolvency solutions. Creditfix will also send you an email and SMS to pass on a welcome pack.

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