A debt relief order may be appropriate if you meet the following criteria:
- you are unable to pay your debts;
- you have debts of £20,000 or less;
- you do not have surplus income after expenditure of more than £50 per month;
- you don’t own your home
- your assets are worth less than £1,000 (some assets are ignored when working out the value)
- you don’t own a car worth £1,000 or more, unless it’s one that’s been specially adapted because you have a disability
- you haven’t had a DRO in the last six years and aren’t going through another formal insolvency procedure, such as bankruptcy or an individual voluntary arrangement
- you have lived, had a property, or worked in England or Wales in the last three years.
A free sit down with a Licenced Insolvency Practitioner at Lewis Business Recovery and Insolvency is a available on request.