Credit and Debt Repair

The credit is available for those with a bad credit histories or who have little or no credit histories. Comes with a low credit line of usually 500-£1000, but very high interest rate of between 30% and 40% per annum. In spite of the high interest rate, if this kind of credit will be used in a responsible way and the entire amount is paid back on schedule every single day, interest costs can be saved.

It can then help your credit score, as it allows you to establish a story of how to use credit responsibly.

Relief orders (DROs) & your creditworthiness

So what is a debt write-off? Debt forgiveness orders (DRO) are a way to pay off your debt. It is usually suited for those with relatively little debt and relatively few property values (i.e. valuables such as a home or car). Can anyone submit an application for a DRO?

What is the best way to register for a DRO? In order to request a DRO, you must find an authorized debt advisor, also known as an "authorized broker" - you cannot submit your own applications. They will then review the detail of your individual circumstance to make sure you fulfil the eligibility requirements. A DRO request may be rejected if you have taken one of the following actions in the two years preceding your application:

For how long does a DRO remain on your credit reports? Thats because your credit reports look back over the last six years of your lending history. What is more, your credit reports are based on the following Therefore, a DRO will have an effect on prospective loan requests. When you have a DRO and would like to request a loan of 500 or more, you must notify the creditor of your DRO.

May I update or remove a DRO from my reports? It is not possible to remove an ad from your reports. You can, however, review your reports to ensure that your ad has been refreshed as "dismissed" at the end of the display time ( usually 12 months). Their creditworthiness is likely to increase in the near future once DROs and certain failures are identified as resolved and in the longer run as they age.

Just submit a 200-word explanation in which you describe all your key facts and we will include it in your Experian Credit Reports. Regular review of your credit reports can help you keep a better overview of your financial situation. If you make sure it provides an exact and up-to-date view of your credit histories, make sure you draw the right one.