Will I be allowed a reasonable standard of living in a Debt Relief Order?
Completed financial statement should cover ALL reasonable household living costs
When the applicant completes a financial statement, they should ensure that they cover all reasonable household living costs.
They must ensure that they declare all sources of income. Failure to do so, could lead to the Debt Relief Order being revoked and would be an offence under the Insolvency regulations.
The household expenses should be normal monthly costs. If there are certain costs, which are out of the ordinary, the Intermediary will want to know about these and proof may be necessary.
The financial statement will need to comply with the Common Financial Statement.
If you would like more information please contact us Money Advice Direct on 0800 074 6918 or fill in our form by clicking here.
If you are unsure as to whether an Debt Relief Order is the best way to solve your debt problems please call us on 0800 074 6918.
If you wish to discuss the Debt Relief Order procedure and understand how it can help you please complete the following form or telephone freephone 0800 074 6918.
Listed below are some of the frequently asked questions relating to Debt Relief Orders
- Introduction to Debt Relief Orders
- What is a Debt Relief Order?
- What debts can be included in a Debt Relief Order?
- What debts are excluded from a DebtRelief Order?
- Is my Hire Purchase affected by a Debt Relief Order?
- Is my Motability Car Scheme affected by a Debt Relief Order?
- Who can apply for a Debt Relief Order?
- What is a Competent Authority?
- What is an Approved Intermediary?
- What is the cost of a Debt Relief Order?
- Why should I consider a Debt Relief Order rather than Bankruptcy?
- How do I apply for a Debt Relief Order?
- Who decides if my Debt Relief Order is approved?
- What if my circumstances change whilst I am in a Debt Relief Order?
- How will my creditors know I am in a Debt Relief Order?
- What happens to interest and charges if I am in a Debt Relief Order?
- Rent Arrears and Debt Relief Order's
- Will I be allowed a reasonable standard of living?
- Debt Relief Order Case Study 1
- Debt Relief Order Case Study 2
- Debts incurred after the granting of a Debt Relief Order
- What are the restrictions of a Debt Relief Order?
- What happens if you are dishonest before or during a Debt Relief Order?
- How will a Debt Relief Order affect you?
- What debts are not covered by a Debt Relief Order?
- Will a Debt Relief Order (DRO) affect my council tenancy as I am in debt?
- Can I apply to the Police if I have a Debt Relief Order (DRO)?
- Does getting a job after getting a Debt Relief Order (DRO) affect me, because I am seriously in debt?
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]