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What is a DRO? Debt Relief Order Explained | Step Away Debt

Discover how a Debt Relief Order (DRO) can help you write off unaffordable debts. Learn the eligibility, process, and benefits of this UK debt solution.<br><br>For more information visit our website: https://stepawaydebt.com/

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What is a DRO? Debt Relief Order Explained | Step Away Debt

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  1. Understanding DRO (Debt Relief Order): A Simple Path to Becoming Debt-Free If you're struggling with low income and can't afford to repay your debts, a Debt Relief Order (DRO) could be the right solution. Introduced by the UK government, a DRO is designed to help individuals with relatively low debt, little income, and no significant assets to become debt-free. How Does a DRO Work? A DRO is a formal debt solution that lasts for 12 months. During this time: You don’t have to make any payments toward the debts included. Your creditors can’t contact you or take legal action. If your situation hasn’t improved after a year, your debts are written off completely. ● ● ●

  2. What Debts Can Be Included? A DRO covers most common types of unsecured debts, such as: Credit cards and loans Overdrafts Council tax arrears Utility bills Benefit overpayments ● ● ● ● ● However, DROs do not cover: Student loans Court fines Child maintenance Certain types of car finance (like HP if the vehicle is not returned) ● ● ● ● Benefits of a DRO No payments required during the 12-month period Stops creditor harassment and legal action Most debts are written off after a year Affordable – application fee is £90 ● ● ● ● Things to Consider Your credit score will be affected for 6 years. You can’t obtain more than £500 credit without telling the lender about your DRO. It may impact employment in certain sectors (e.g. financial services). ● ● ● How to Apply for a DRO You must apply through an approved debt advisor known as an Approved Intermediary. At Step Away Debt, we can guide you through every step of the process – from checking your eligibility to submitting your application. Is a DRO Right for You?

  3. A DRO is an excellent option if you’re on a low income and have little to no assets. It offers a fresh start with no repayments and full debt write-off after just 12 months. Let Step Away Debt help you step away from the stress of unmanageable debt. Our experienced advisors are ready to assess your situation and find the best solution tailored to you. Get in Touch Today If you think a DRO might be the solution you’ve been looking for, contact us at Step Away Debtfor free, confidential advice. Let us help you take the first step toward a debt-free future.

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