Taking out a Debt Relief Order can see you on the path to a regaining control of your finances, however in return for your debts being cleared, there will be serious consequences that will affect you.
- you won’t be able to get credit for over £500 without telling the lender you have a Debt Relief Order
- you may not be able to open a bank account
- you can’t be involved with promoting, managing or setting up a limited company, without getting permission from the court
-you can’t act as a company director
- details of your Debt Relief Order will be kept in public records for fifteen months and on your credit file for six years
- if you have bought goods on Hire Purchase or a conditional agreements, you will have to return them unless someone can pay the instalments on your behalf
- you must give the official receiver any information they ask for
You could also be subject to a Debt Relief Restrictions Order, similar to Bankruptcy Restrictions Order, a Debt Relief Restrictions Order extends the period of restriction for up to 15 years for those who are dishonest about the state of their financial situation. Examples of dishonesty include continuing to borrow despite knowing you have no chance of being able to pay a loan back or hiding assets.
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