You must follow rules called ‘restrictions’ if you get a DRO.
This means you cannot:
- borrow more than £500 without telling the lender about your DRO – whether you’re borrowing on your own or with someone else;
- Act as a company director;
- Create, manage or promote a company (unless granted permission by the court);
- Run a business with a different name without telling anyone you do business with about your DRO; plus
- If applying for a loan/overdraft you have to inform the bank/building society about the DRO.
The restrictions usually last 12 months. They can be extended if careless or dishonest behaviour caused your debt problem. For example, you lied to get credit.
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