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Debt Advice UK - Prerequisites to Be a Recipient of Debt Relief Order


A debt dilemma occurs when you spend more than you earn. We need to make a life where a budget is followed strictly on a daily basis to avoid debt aggregation. Pursuing a best debt management plan sounds great but this also calls for professional help from certified financial advisors.

Why do you need loans? What if you find yourself unable to make monthly repayments? How to deal with creditors and bailiffs in case of falling behind the installments? Summing up the interrogations, the answer is simple: your credit history will be affected. It would ultimately become a hurdle by lowering the probability of taking new credit cards and loans. Even if you succeed in taking loans that would accompany higher interest rates.

It doesn’t make any difference whatever the amount of money you owe, the predicament is changing the lifestyle altogether to get through this. It becomes really hard to sacrifice your life necessities and difficult to balance between needs and other luxuries. Strangling between these matters, there would be no room for unexpected expenses and other monetary commitments.

A debt management solution that works substantially in altering the financial situation of a person is none other than debt relief order. This technique is quite renowned and provides many advantages when it comes to paying off small debts. 

While going for this method, you better seek debt advice UK from financial experts. For your knowledge, here you could have an overview of the pre-requisites to make yourself eligible for it.
  • You must hold UK nationality or have been residing there for the past 3 years in order to avail of this service.
  • The maximum debt amount should be £20,000 or even below it. 
  • You shouldn’t be a landowner and don’t have many expensive assets like a car, etc. 
  • It is also compulsory that you haven’t been a recipient of this deal for the past 6 years.
  • Must analyze the nature of the debt, which includes credit cards, utility and telephone bills, friends and family, council and income tax, business debts and overdrafts, etc.
When this debt solution is in your hand, you will really see things turning up in your favor. Since this deal will end within a year only and during that time all your debt payments and interest amounts will be ceased.
Well, if you owe more than £20,000, then you better look into other options. IVA Experts UK got your back with certified insolvency practitioners to help you at best. Moreover, for huge debts you owe to different creditors, you can opt for an Individual Voluntary Arrangement. Don’t forget to use an IVA calculator online to determine how much you can write off through IVA if applicable to your specific fiscal situation. 

Bottom Line:
Forget about a life where you see debt issues unending. Consider DRO to get rid of small loans within a year and leave your debt worries behind. There would be no distress of creditors and no condition of appearing in court. Your no asset will be pledged or mortgaged at all. 


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