Debts in any form are depressing. Let it be a credit card debt, rent arrears or council tax, debts can make your life a living hell.
Imagine your income not enough to afford the family and with that, you owe a large amount of money to some company or organization that calls on you repeatedly to pay it back.
Debts can be very stressful. It is essential to seek advice and help if you are in a debt that is getting difficult to pay.
You may have seen many people around you who are disturbed because of the debts they owe to others. It may be hard for them to manage their family along with paying their debts. No one wants to get into any such situation.
Following is some advice that you should take to keep your finances into control and ensure that you don’t have to take debt from anyone.
Personal loans, rent arrears, overdue utility bills, and council tax, etc are some of the debts most of the people get into. At this stage, where you are unable to pay off your debts, it is crucial for you to get debt help from somewhere.
A Debt Relief Order is a way that has made the lives of many debt holders easy. Through a debt relief order, all your debts are written off if you have a very small income, extremely few assets and the debt is not very huge.
A debt relief order (DRO) has certain limitations. You really need to be worthy in order to have one. Your debt must be within £20,000 and you should not have your own house. Monthly income should be near £50. If you fulfill the eligibility criteria of a DRO, a huge burden gets relieved off your shoulders because DRO has many advantages.
It can be a low-cost alternative to bankruptcy. You do not have to pay anything for 12 months towards any potential debts you owe. You don’t need to appear in court for it. Your lenders cannot be a reason for distress for you in a 12 month period.