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Write off a portion of your debt with a Debt Relief Order (DRO)
If you are struggling with your debts and have no way of paying them back, then you might qualify for a Debt Relief Order.
As a UK resident you have the right to debt relief through a variety of solutions and you could be eligible to write off part of what you owe.
A Debt Relief Order is a legally binding solution that allows you to stop making debt repayments and is designed to be an alternative to bankruptcy.
With a DRO you do not need to make any payments to your lenders for 12 months, and the debt within your DRO is usually written off after the 12 months if your situation doesn’t improve.
After our initial debt assessment, if an IVA is not a viable option for you, but it looks like you might qualify for a DRO, then we can refer you to our partner company who are an approved DRO assessor and can make all the arrangements for you.
To qualify for a Debt Relief Order, you must:
Lucy Novo Deakin is a licensed insolvency practitioner in the UK by the Insolvency Practitioners Association (IPA).
My Debt Plan Ltd provides insolvency solutions to individuals, specialising in IVA’s. All advice given is provided in reasonable contemplation of an insolvency appointment. Where you are not suitable for an IVA, we may refer you to one of our trusted partners who specialise on alternative solutions, and as such we will receive payment for the introduction if you enter into a debt solution with one of our partner companies.
Registered address 2nd Floor Blenheim Court, Cheadle, Cheshire, England, SK8 2JY Company Registered in England and Wales Number 10992838 Data Protection ZB284067.
To find out more about managing your money and getting free advice, visit Money Helper, an independent service set up to help people manage their money.
*Our advice on your options is always free. We will always notify you if a solution you choose has any cost.
**Of 2,381 IVA cases approved between January-December 2023, the average expected write off assuming successful completion is 74%.
A debt write off amount between 25% and 75% is realistic, however, the debt write off amount will differ for each customer upon their individual financial circumstances and is subject to approval of their creditors. Any remaining qualifying unsecured debt in your IVA will be written off, however some unsecured debts will be excluded, such as court fines, child maintenance and student loans, therefore you will need to continue paying these both during and after the IVA.
