A debt relief order or DRO is one of the simplest ways to waive off your debts. This is a pretty effective way that helps to reduce your debt if you have a relatively low amount of debt and also consist of some amount of assets simultaneously. If you qualify the criteria, you can have a DRO and it is one of the best debt management solutions to reduce the debt unless your financial situation develops. A DRO helps to close down your debt payment and subsequent interest for the next 12 months and if in case your financial condition doesn’t improve in that tenure, all the dues are waived off automatically.
The process to apply for a DRO:
Whenever you are required to apply for a DRO, you have to find a DRO advisor in order to process your application to the insolvency, who deal with DRO. A debt relief order is just a form of insolvency which is formed as a low-cost alternative to bankruptcy. For any particular DRO application, you must have to qualify for some criteria. Please follow the subsequent steps to apply for a DRO.
Locate a Reliable DRO Advisor
To make an application for DRO, you just need to find a DRO advisor. A DRO advisor is an experienced debt advisor who can provide useful advice on DRO as well as can also help to fill up your DRO application on behalf of you.
You can find the DRO advisor at most local citizens’ advice. Otherwise, you can also find the DRO advisor through other approved organisations.
Process your application with the help of the Advisor
After finding a reliable DRO advisor, you need to cooperate with him, who will help you subsequently to check the eligibility of your application. You need to provide proper information related to your income and expenditures.
When you finally decide to proceed further to make an application, the advisor will guide you to fill up your DRO application. Along with that, he will also help you to determine a balance of your earnings and your assets. After that, your DRO application form will be submitted to an insolvency service along with proof of your income certificate. Here your application will be reviewed and your eligibility will be measured to proceed further.
Applying for DRO online
You can also apply for DRO online also. When you make an application through the online mode and submit your documents, a specialist team will verify all the documents required for the application.
Your documents will be checked thoroughly to find out your eligibility for the DRO application. Here, you need to provide the requisite fees for an online application. When you paid the fees, the application will be submitted to insolvency.
The official receiver take the final decision
After submitting the requisite documents, along with the fees, the office personnel will receive the application along with other documents to make further decisions. In order to make further proceedings, the official receiver will make a decision based on your eligibility criteria.
If all of your documents are found validated and you are authentically eligible for a DRO, then only you can make further proceedings otherwise your application gets cancelled. In order to apply for a DRO, you must cooperate with the official personnel. You must have to answer all the relevant questions which will determine your income scenarios or if you have any other lump-sum tax deductions. When your application is rejected you will have written reasons for the refusal.
How to apply for a DRO application for free
In order to make a proper official DRO application, you need to provide the requisite fees. But if you won’t be able to bear the expenses of the application fees, you need to find some charity or trust and can make an application through them. By making an application through these types of charity, it doesn’t guarantee your qualification for further proceedings. You must have to apply by paying the requisite fees through a reputable organisation.
In the above section, a detailed process has been described on how to make a DRO application. Here you can find all the necessary information on processing a DRO application. You can also reach us through the comment section for any further assistance. We will be happy to help you further.