What steps can I take to rebuild my credit score after my Debt Relief Order?
Start small. Using a credit card with low interest or a small overdraft carefully can help prove you can manage money responsibly. Only take on what you know you can afford. Remember, you’ll need to tell a lender about your past DRO if they ask.
What if a company asks for money after my DRO ends?
What happens to my commercial lease?
You will need to check your lease agreement carefully. Some leases have specific rules about what happens if you enter a debt solution. Your advisor will help you look at this before you make any decisions.
Do I need to tell my clients?
Formal debt solutions, such as an IVA, are added to the public insolvency register. For more information, look at our full guide to the insolvency register. But you do not have to directly tell your clients. We can help you manage your payments, so your supply chain keeps running smoothly without causing any alarm.
Can I keep my business bank account?
Yes, you can usually keep your account if you do not owe money to that specific bank. However, starting a formal debt solution will lower your credit score. This can make it hard to open new business accounts in the future
What if my bankruptcy has ended but I have no proof?
You can ask the Insolvency Service for a free letter to prove you are no longer bankrupt. It is a good idea to keep this letter safe. You can show it to the people you owed money to if they ever ask you for payments in the future
How do I know my bankruptcy has ended?
What happens if I can’t keep up with the payments agreed?
Will a Repayment Arrangement affect my credit rating?
If you pay less than the original agreed amount, creditors may report this on your credit file for up to six years. You can ask your creditors how they will record it.