Debt Repayment Order
(DRO)
Get out of debt and avoid bankruptcy with a formal Debt Repayment Order (“DRO”).
This is a formal process involving the Official Assignee and an independent Supervisor, who work with you to formalise an agreement with your creditors to repay some or all of your debt over a 3 to 5 year period.
If you have an income and you owe less than $50,000 of unsecured debt, then a DRO could be the right debt solution for you. The team at Debtfix will guide you through the process to see you back on dry land.
How does a Debt Repayment Order work?
A DRO is a formal debt repayment plan between you and your creditors, the people you owe money to. It provides structure and process to manage debt, possibly reduce it and avoid it increasing.
A DRO requires a Supervisor to be appointed to monitor your commitment to the scheme and to deal with your creditors, and they also work with the Official Assignee to arrange details, agree claims and make payments. Debtfix can be your DRO Supervisor, and although you have overall responsibility to comply with the DRO process, we will be on watch with you along the way.
Who can benefit from a Debt Repayment Order?
It is a good option if you owe less than $50,000 in unsecured debt and are able to make some repayments. It usually takes about 3 years to fulfil an DRO, but can be up to 5 years.
Some debts, such as child support and maintenance orders, student loans and secured debt, can’t be included in a DRO and need to be paid for in addition to DRO payments.
