Who qualifies for a Debt Relief Order?
If you have lived in, owned a property, or carried on a business in England or Wales in the last 3 years, then you could qualify for a Debt Relief Order. You would be able to get a Debt Relief Order if:
- You owe less than £15,000.
- You do not have an interest in any property.
- You are unable to meet your debt payments and have a monthly surplus income of less than £50.
- Your assets do not exceed £300 (including any pension contributions you make).
- Your vehicle is worth less than £1,000.
You are ineligible for a Debt Relief Order if:
- You have declared bankruptcy in the past or are in the process of becoming bankrupt.
- You have an IVA (Individual Voluntary Arrangement) or are currently applying for one.
- You have had a Debt Relief Order in the past 6 years