When you find yourself in debt and unable to pay it back you could qualify for credit card forgiveness otherwise called, debt relief.
This is when the creditor pardons a debtor from some or all of the outstanding debt.
A Debt Relief Order (DRO)
You can apply for a DRO for free and talk to an advisor to find out if you qualify and if you could receive debt forgiveness.
You could qualify if…
- You owe £30,000 or less OR if you owe £50,000 or less from June 28
- You don’t own a home
- You don’t have other assets or valuable items, car, property
- You don’t have much spare income, no more than £75 after paying household expenses.
A DRO usually lasts a year after which time your debts will be written off unless your situation improves.
A DRO could help you with payment plans that work around your situation or could help you get your debt forgiven.
Debts covered by DRO
- Credit Card
- Overdrafts
- Loans
- Benefits overpayments
- Arrears with rent, utility bills, council tax and income tax
- Bills for services such as, vets or solicitors.
- Business debts.
If you are struggling to pay off your debt then find out if you qualify.
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