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| T O P I C R E V I E W |
| Melanie.n |
Posted - 14 February 2009 : 17:37:24
Hello there
from 6th April the Debt Relief Order (DRO) will be in to deal with and individuals debts which are under £15k
Main conditions:
Debt under £15k
no assets other than a car under £1,000 (unless modified for disability use)
Disposible incom eof under £50 per month
The fee will be £90 (and there will be a facility for low incomes to pay over 6 months)
The DRO will last 12 months
One of the main providers of information on the new DRO will be the Citizens Advice Bureau (CAB) who will be making the application pn behalf of individuals.
Anyone with debts under £15k, no disposable income and no assets (ie renting) would be advised to wait until 6th April and make an appointment with their local CAB rather than filing for bankruptcy.
Hope this helps answer any queries people have
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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| 3 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 15 February 2009 : 08:13:51
I think if he is working then paying off 3500 of debt would not be deemd excessive, my understanding was it would be more aimed at those who were not working or disabled? |
| Lizzie |
Posted - 15 February 2009 : 00:13:24
This is good news for my one of sons,who is a clever 21yr old he had a reckless youth when he finally got a credit card and thought it was the way to have a good time....then realised he had to pay it all back, not that he thought of that at the time. He done a music course but has always worked and now he is a primary advisor with a building society and doing really well and realises its payback time, he has contacted the CCCS but they put off his telephone appointment to upgrade their computer system, he is only about £3,500 in debt but for once we are not willing to pay off his debts, been there before like a lot of other parents, we have financial problems of our own so can't bail him out again. He rents his flat has a car worth about £300.....his insurance is more at £700......but I will give him his due, he knows he is to blame and needs to get it sorted so maybe waiting till April is his best option....many thanks for this info Melanie. I would like to mention I am proud of my son, he realises he has a problem and is trying to sort it.....and we also realise we have been over indulgent parents  |
| Reviva UK |
Posted - 14 February 2009 : 21:43:11
These should theoretically provide an excellent solution for many people who have been struggling for such a long time with a debt problem.
There has been a gap in the soultions available for a long time
5k - 15k where an IVA wasn't suitable and Br seemed such a shame because the level of debt was relatively low.
Just hope they advertise it properly so folks are aware it exists
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
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