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What are the Pros and Cons of Debt Relief Order?

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  • What are the Pros and Cons of Debt Relief Order?

    How DRO can help us to get rid of debts?
    Debt Management Plan

  • #2
    In a debt management plan, your creditor accepts lower monthly over a long period of time that can help you pay off your debts.

    Debt management plan pros:-

    * Reduced monthly payments
    * Better your credit score.
    * Relief creditor harassment.

    Debt management plan Cons:-

    * DMPs are not legally binding.
    * Creditors could reject the Dmp proposal.
    * DMPs take longer to complete.
    * DMPs can be more expensive than other solutions.
    Quick Cash Loans Online


    • #3
      Thank you for your advice, Is Debt Relief Order and Debt Management Plan is same?
      Debt Management Plan


      • #4
        For me, the biggest advantage is you not need to on a monthly basis. And the biggest disadvantage is if you have your own home then you are not eligible for debt relief order (DAO). Another debt relief order, which is covering all your debt payments such as debit, credit card bill, etc.
        The DRO or Debt Relief Order is one of the safest ways that help you to deal with your debts when you owe less amount of money.