Debt relief order (DRO) and your assets

Examples of assets could include:

• Property
• Antiques
• Shares
• Savings
• Money other people owe you
• Jewellery
• Computers

These assets are valued by how much you would get if they were re-sold in their current condition, not the amount you purchased them for.

Which assets aren’t included in a DRO?

When totalling up how much your assets are worth, there are certain assets the official receiver dealing with your DRO won’t count.

These items include:

• Essential household items like bedding, clothing and furniture
• Tools or other equipment that are essential for your job

Do you qualify for a debt relief order?

To qualify for a DRO, your total assets cannot be worth more than £1,000 if you live in England, Wales or Northern Ireland, but you can also own one domestic vehicle worth up to £1,000 on top of this.

You’ll need to provide details of your vehicle including the make, model and registration number. Your vehicle’s value 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’ll be counted as part of the total assets you’re allowed. This means that if your business vehicle is worth more than £1,000, a DRO won’t be possible.

If your vehicle has been specially adapted to help you with a physical disability, the £1,000 limit doesn’t apply.

If you own your home, you cannot apply for a debt relief order even if your home is in negative equity. Find out about other debt solutions.