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People with financial problems living in Northern Ireland now have a new possible solution to their debts. 

Available in England and Wales since April 2009 Debt Relief Orders are now an option for Northern Ireland residents.  

Debt Relief Orders (DROs) offer a cheaper alternative to filing for bankruptcy. While the upfront cost of becoming bankrupt is now as high as £700 the fee for a DRO is just £90. This fee can be paid over a period of six months.

There are however restrictions on who can apply. To qualify for a DRO you must have unsecured debts of less than £15000. You must also have combined assets of no more than £300.

According to NI Enterprise Minister, Arlene Foster, Debt Relief Orders 'offer the least well off in our society an affordable way of freeing themselves from debts which they have no prospect of being able to pay.' 

To find out more about Debt Relief Orders in Northern Ireland and all other personal debt solutions call Spencer Hayes on 0800 028 4422.