Debt Relief Orders (DROs)

Baines and Ernst - part of the Paymex Group - has become one of a small number of competent authorities currently appoved by the Insolvency Service who authorise approved intermediaties to offer Debt Relief Orders in the UK.

Debt solutions including debt management, IVAs and bankruptcy may not be suitable for your unique financial circumstances, debt relief orders are a new option for those with a low disposable income.

Will You Benefit from a Debt Relief Order?

Debt Relief Orders from Baines and Ernst are aimed at people living in England and Wales and can provide debt relief if:

• Your debts can't be paid
• Your total unsecured debts do not exceed £15,000
• You have no more than £300 of net assets
• Your disposable income, after household expenses, does not exceed £50 a month.
• You've not previously had a Debt Relief Order within the last 6 years.
• You're not involved in another formal insolvency procedure when applying for a Debt Relief Order.

To enter into a Debt Relief Order (DRO) you must pay £90 to the Insolvency Service, which is much less than it costs to petition ones own bankruptcy.

The cost of a DRO is kept low as applications are made online (with the assistance of an approved debt advisor to act as an intermediary).

To speak to one of Baines and Ernst's Debt specialists call 0800 092 8004 or take the Express Debt Test now and see how Baines and Ernst can help.

What are the effects of a Debt relief Order?

The effects of debt relief orders are similar to that of bankruptcy.

A DRO will remain on public record for 15 months, and like all adverse credit information will stay on your credit record for 6 years.

Under a DRO you will be subject to the following restrictions:

• You may not obtain credit of £500 or more, either alone or jointly with someone else, without telling the lender you are within a DRO.
• You can not trade (directly or indirectly) in a name that is different from the name under which you were granted a DRO, without telling all those with whom you do business, the name under which you were granted a DRO.
• You may not be involved (directly or indirectly) with the promotion, management or formation of a limited company, and may not act as a company director, without the court's permission.
• You will only be able to obtain a DRO once every six years.

You may also be subject to a Debt Relief Restrictions Order, similar to a bankruptcy restriction order. This can extend the period of restriction for up to 15 years for debtors who are deemed dishonest or culpable to the extent of their financial difficulties. An example of this hiding assets or continuing to borrow knowing you have no chance of making the repayments.

To speak to one of Baines and Ernst's Debt Relief Order specialists call 0800 092 8004 or take the Express Debt Test now and see how Baines and Ernst can help.