You may be worried about whether your pension will be safe if you are already in, or have finished, a Debt Relief order (DRO), or if you are thinking about applying for a DRO. The 2015 pension changes mean that many people over 55 can now withdraw some or all of their pension. so what happens if you take money out? Can you lose your pension? Can you get a DRO if you have a good pension? I … [Read more...]
Articles on Debt Relief Orders (DROs)
See What is a Debt Relief Order (DRO) for an overview.
That lists the conditions for getting a DRO - your total debts have to be less than £30,000), you can't own a house etc. It looks at what happens in the "DRO year" - you don't have to make monthly payments and at the end your debts are cleared.
If your debt problem is serious and you meet the DRO criteria, a DRO is very often the best possible solution for you.
Is a DRO better than a DMP or bankruptcy?
Choosing between a Debt Relief Order (DRO) and other debt solutions is often a pretty easy choice! Let's look at when a DRO is a good option for you and what the alternatives might be. Debt Relief Orders DROs are a form of insolvency in England, Wales and Northern Ireland. For an overview of DROs, read What is a Debt Relief Order? They are meant for people who have little or no spare income … [Read more...]
Will debt collectors stop calling after a Debt Relief Order?
One of the biggest advantages of a Debt Relief Order (DRO) is that it is a formal, legal debt solution. It prevents your creditors taking any further action against you for debts that are included in your DRO: you can't be taken to court for a CCJ (or a Liability Order for council tax arrears); if you already have a CCJ, the creditor can't send the bailiffs in - and debt collectors should … [Read more...]