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The Insolvency Service (IS) has reported that it processed the 250,000 Debt Relief Order (DRO) in November 2018.
DROs were introduced by the Government in April 2009 as a low cost alternative to Bankruptcy for people with relatively straightforward financial situations. DROs, which cost £90, are only available to people with less than £20,000 of qualifying debt and with assets worth no more than £1,000. Twelve months after entering a DRO, all qualifying debt is written-off.
In 2017, the IS processed 24,894 DROs, with women accounting for almost two-thirds (65.4%) of that number. Since their introduction, the number of DROs has steadily increased and now account for around 25% of all insolvencies.