To qualify for a DRO, you must meet the following criteria:
– Your total qualifying debts must be under £50,000 (£30,000 before June 28, 2024).
– You don’t own a home or have a mortgage.
– Your total assets, excluding essential household items and tools for work, are worth less than £2,000 (£4,000 for vehicles from June 28, 2024).
– Your disposable income after paying essential living expenses is £75 or less per month.
– You have lived or worked in England or Wales within the last three years.
– You haven’t had a DRO in the last six years or been involved in another insolvency procedure.
To apply for a DRO, you must go through an approved intermediary, such as a debt advice charity…
