Author Topic: Debt Relief Order  (Read 3760 times)

marcus

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Debt Relief Order
« on: Feb 13, 2009, 04:10:53 PM »
The government is set to unveil a new debt relief plan specifically for the low income groups. Low income groups have been unable to receive conventional debt relief assistance, ie IVA, until now.

pathill

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Re: Debt Relief Order
« Reply #1 on: Feb 13, 2009, 06:51:54 PM »
That's good to know. Considering the economic slump and lurking recession scare up to know. News like these gives hope to the low income bracket folks. :)
Make Mone

CarolGabriel

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Re: Debt Relief Order
« Reply #2 on: Mar 06, 2009, 05:22:56 AM »
I simply want to know which solution is better.

marcus

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IVA vs Debt Relief Order
« Reply #3 on: Mar 17, 2009, 03:13:48 PM »
I posting this because i have seen a comment where someone wants to know which is the best option and I thought it merited a new thread.

If you have low income and don't have many assets, ie stuff of value you can sell, then you will not be able to apply for an IVA. The reason is as part of the IVA programme you will need a certain amount of disposable income left at the end of each month in order to offer creditors something. If you have a low income, chances are you will not be able to give them anything.

A Debt Relief Order will help people who cannot apply for an IVA. Specifically people with low income, few assets and who rent their property.

If you are accepted for an IVA an default on it, you will not be accepted for a DRO. So bear that in mind.


fightingdebt

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Re: Debt Relief Order
« Reply #4 on: Mar 30, 2009, 01:35:59 PM »
When are the debt relief orders becoming available?

georgebrosnan

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Re: Debt Relief Order
« Reply #5 on: Apr 07, 2009, 11:59:00 AM »
they are out now but they are a red herring mate and it isnt as good as it sounds check it out.

"Debt relief order - The government has proposed a new type of bankruptcy aimed at people who have less than £15,000 in debt, less than £300 in assets and less than £50 per month available income after they have met all their essential expenditure. Like bankruptcy, people will be discharged within a year and, with a few exceptions, any remaining debts will be written off. It is intended that the debt relief order will be much cheaper than bankruptcy. People will have to apply for a debt relief order via an intermediary. Parliament will need to change the law before people can apply for a debt relief order.