Back to parent page

Debit Card

An individual can apply for a debt relief order if they can't afford to pay off their debts. It's granted by the Insolvency Service and is a cheaper option than going bankrupt.

Debt Relief Order

The Debt Relief Order (DRO) has applicability restrictions and only covers certain types of debt. Debt Relief Orders are only available to people living in England and Wales who are experiencing extreme financial hardship and have very little assets. Scotland has a broadly similar approach called 'Low Income Low Asset' scheme (LILA).

Direct Debit

A Direct Debit is an instruction from a customer to their bank or building society authorising an organisation to collect varying amounts from their account, normally the customer will be given advance notice of the collection amounts and dates.

Disposable Income

The amount of personal income an individual has after government taxes, which can be spent on necessities, or non-essentials, or be saved.