Debt relief how does it work

[iwishthiswaseasier]

Anyone made an application for debt relief? How does it work? How does it affect your credit? Will I ever be able to get credit again after? How much does it cost to do?

Are you taking about a debt relief order? There's a very strict criteria you have to meet - no assets, monthly surplus of below £50, debts under £20,000 - and you would need to go through an intermediary to assess your eligibility and put together the application. There's a £90 fee which can be paid in instalments.

A DRO is recorded on your credit file for 6 years and it will make it very difficult to get credit during that time. That's no necessarily a bad thing, but it can make it harder to move home if you're renting, get a mortgage etc.