Assets are items you own which could be sold to raise money. Examples of assets include:
- Shares - this include funds held in three or five-year company 'Sharesave schemes' sometimes offered by supermarkets and other retail employers
- Savings and inheritances
- Caravans or timeshares
- Antiques, collectables and other luxury items
- Business vehicles
- Electronics (like smart phones and tablets)
To qualify for a debt relief order the total value of your assets must be less than £1,000 if you live in England or Wales or less than £300 if you live in Northern Ireland.
DRO and my vehicle
As we've advised you, to qualify for a DRO your total assets cannot be worth more than £1,000 (in England and Wales) or £300 (in Northern Ireland), however you are able to own one domestic vehicle worth up to £1,000 on top of this.
If you do have a vehicle, you’ll need to provide details including the make, model and registration number. The value of your vehicle will be checked and if it appears to be worth more than £1,000 you'll need to provide valuations from two independent motor dealers.
If you own a vehicle that’s used for business purposes only, it will be included as part of the £1,000 assets you’re allowed. This means if your business vehicle is worth more than this, a DRO won’t be possible.
What's not included in a DRO?
Some items won't be taken into consideration for your DRO. These fall into four main categories: