Ever heard of a Debt Settlement Order, no neither have I however it seems that recently the forums have been buzzing with questions from unsuspecting people who have recieved emails and texts from individuals and companies offering a quick way to wipe their debts. Now it is bad enough that people from all walks of life have had their life turned upside down and now face a debt nightmare.
The fact is that they have used a play on words so that they could scam people out of cash they cant afford to lose. The UK Government introduced the debt Relief Order in April 2009 which made it possible for debtors to repay their debt without the need to file for bankruptcy. It was an immediate success, if you qualify a DRO it will allow you to get back on your feet without the need to file for bankruptcy, It also has the benefit of being both cheaper and quicker than bankruptcy.
A Debt Relief Order will last for a period of one Year and although you will be protected from many of your creditors you will be expected to co-operate with the Official Receiver, and should your indebtedness improve you will be expected to repay any outstanding debts.
If you want to apply for a Debt Relief Order you should contact your local Citizens Advice Bureau, don’t reply to the debt settlement order text as it is a total scam.
It is imperative that you dont confuse the term Debt Relief Order with Debt Settlement Order as it can only result in more anxiety and will cost you money.
If you need more information on a Debt Settlement Order or other debt matters you should always contact a professional debt adviser you can get unbiased information by clicking direct.gov.uk website
About Den NicholsonDen Nicholson is the senior editor here at Beating Bankruptcy, Since Den Retired from his UK business in the UK he has been blogging about ways of beating debt and in the most extreme cases beating bankruptcy. As well as detailed articles you can catch all the latest news from the UK with a focus on debt issues.
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