Last Updated:
October 18, 2018

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Dealing With Debt
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Debt Relief Order

A Debt Relief Order (or DRO) is a court order that can be applied for if you can’t afford to pay off your debts, which must be less than £15,000, and if you are on a low income. It will normally last just one year during which time none of your creditors will be able to take action against you to reclaim their money and after the year is up you could be debt free! A DRO has to be applied for via the Insolvency Service but it’s a much cheaper option than bankruptcy but is not for everyone and restrictions do Keep Reading >>>
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Debt Management Plan

A Debt Management Plan, or DMP as it is commonly known, is an informal agreement between you and your creditors to pay back your unsecured debts with a monthly payment that you can afford. Your monthly payment is determined by carrying out an analysis of your individual circumstances and seeing what is realistically affordable for you to pay. By looking at ways of maximising your income or reducing any overspending and by identifying and prioritising your most important debts a Financial Statement can then be produced which reflects your personal circumstances (see section Help Me Out Of Debt for details Keep Reading >>>
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