Best Debt Relief Companies 2024

When looking for a Debt Relief company you need to choose a reputable insolvency practitioner.

The best Debt Relief company 2024 is there to assist you with Debt Relief support.

There are many insolvency practitioners to choose from but here is the updated list of the top-rated IPs in the UK.

Interested In Finding Out More About The Debt Solutions Available?

In the modern era, there are no longer any clear reasons to struggle with debt when there is so much support available from experts!

From simple debt advice to complete debt relief order support, there are plenty of different ways through which you can break free from a potentially harmful debt spiral.

Are you looking for the best debt relief order or DRO agencies in the UK? We have done much of the legwork for you and rounded up organisations offering Debt Relief Order services across the country.

What’s more, all of the firms supplying DROs here are fully regulated by the Financial Conduct Authority.

Do you owe money? Are you struggling with mounting debts and arrears? It may be time to approach an expert for debt advice.

Debt-Relief-Order-Companies

Never struggle with arrears when there are helpful experts ready and willing to help show you how relief orders can support your needs!

Table of Content

1 Best Debt Relief Companies 2024
2 What is a Debt Relief Company?
3 What is a Debt Relief Order?
- 3.1 What Does a Debt Relief Order Cover?
- 3.2 Is a Debt Relief Order a Good Idea?
4 Can a Debt Relief Order Stop Bailiffs?
5 How Do I Apply for a DRO?
6 Other Debt Solutions
7 All UK Insolvency Practitioners

From our research, here is a list of the best Debt Relief companies in April 2024:

Payplan
Stepchange
Citizens Advice
Community Money Advice
Money Plus Advice
National Debt Line

What is a Debt Relief Company?

A Debt Relief company is a business which can help you deal with your debts and gain additional time to pay back any money that you owe.

This type of company specifically revolves around a debt relief order (DRO), which you can use to freeze interest and creditor pursuit for debts such as credit card arrears and council tax payments.

Most debt relief order experts will specialise in a variety of other debt advice services, too. This means that while a DRO may not necessarily be the best option for you, there will likely be alternative avenues which are perhaps more appropriate.

We have listed leading Debt Relief Order firms who will be able to help you if you owe a small amount of money to multiple parties. Why not take a look at the support they offer?

Once again, this service is only available in England and Wales, so if you live in Northern Ireland or Scotland, you will need to look for alternative ways to relieve your arrears.

What is a Debt Relief Order?

A Debt Relief Order is also known as a DRO.

A debt relief order (DRO) is a way to have your debts written off if you have a relatively low level of debt and have few assets.

Did You Know You Can Write Off Up To 85% Of Your Debts?

Do I Qualify?

What Does a Debt Relief Order Cover?

Debt relief orders, or DROs, are likely to appeal to you if you have a small amount of debt which you need to clear within a short space of time.

However, there are many circumstances through which a DRO may cover your specific needs. It is a form of debt relief which can help you to break free from a dangerous debt spiral, and to ensure that your credit score recovers as quickly as possible.

A debt relief order (DRO) is available in England and Wales. It will cover debts totalling no more than £20,000, and will help you to catch up on debts you may owe to multiple creditors.
A DRO will allow you to freeze the money you owe for up to 12 months.
During this time, you will be able to work through paying off the money you owe without worrying about mounting interest rates or continuing pursuit.

A DRO is a legally binding contract which you can set up with a debt help expert away from the formality of the British courts.

This type of debt solution will cover low level debts, which means it is always worth consulting with an insolvency practitioner to find out whether or not it is an option that will apply to your specific circumstances.

Leading debt advisors may be able to recommend other forms of support. For example, you may find that an Individual Voluntary Arrangement, or IVA, may be more beneficial.

This type of arrangement will actively reduce the amount of money you pay back to creditors.

Is a Debt Relief Order a Good Idea?

Yes, if you owe a small amount of money to multiple creditors.

There are many circumstances where a DRO is going to make a huge difference to the way that you manage your money. No one wants to be pursued for lack of payment!

A DRO is ideal for those scenarios where you intend to pay money back as soon as you can, but you may not be able to right away. By working with an insolvency service, you may be able to freeze any action taken against you by your creditors.

Many creditors are receptive to debt relief orders. This is because, ultimately, they have a legal document that confirms you will be working to pay back the money that you owe.

However, this will simply be arriving in an order different to what you may have originally agreed.

Do keep in mind that you will need to pay a small fee to a debt relief firm if you want to get access to this type of debt help.

Therefore, be sure to discuss your needs with a professional debt adviser before you go ahead and sign on any dotted lines.

Please note a DRO will remain on your credit score for six years.

Can a Debt Relief Order Stop Bailiffs?

Under some circumstances, bailiffs may still be able to repossess your items if they have a controlled goods agreement in place.

Therefore, you must make sure that you discuss your expectations with your insolvency practitioner if you are concerned that bailiffs will attend your premises.

There may be some fees and payments which aren’t covered by a DRO, which means you may still be pursued for such fees, and that bailiffs may still attend your property.

How Do I Apply for a DRO?

Applying for a DRO is simple – apply to any of the firms listed in our guide and make sure you are honest and open about your circumstances during your application.

You will be notified when your DRO is up and running, and keep in mind that your credit file will receive a mark or notification. Your details will also be available to view through the insolvency register.

Consider approaching one of the leading DRO firms in our list and make a point of taking control of your debt. There are many options available across England and Wales, so be sure to reach out to an FCA approved firm as soon as you get chance.