t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Tenth anniversary of first Debt Relief Order

Source: HM Government | | 16/04/2019

Debt Relief Orders (DROs) were first introduced in April 2009. The DROs assist people who have small levels of assets and insufficient surplus income to deal with debts under £20,000. In a news release published by the Insolvency Service we are told that in the last 10 years, more than 254,000 DROs have been approved for people with debts averaging £9,400.

A DRO normally runs for 12 months after which the debts are written off. There are also restrictions during the DRO period, for example restrictions on getting credit of more than £500 without informing the lender of any outstanding DRO.

Paula Hogarth, DRO Service Debt Advice Centre Manager for StepChange Debt Charity, said:

'DROs are a good solution for people with minimal assets and low income who can’t afford to repay their debts. While it’s important that people get proper debt advice, as different circumstances lend themselves to different debt solutions, those people who are eligible for DROs definitely benefit from the relative speed, simplicity and low cost of setting up the solution, as well as usually becoming debt-free a year later.'

Those affected can apply for a DRO through an authorised debt adviser, from organisations such as Citizens Advice, StepChange and PayPlan, who submit applications on-line to the Official Receiver on their client’s behalf.



 

Latest News

  • Less is more – MTD regulations relaxed

    20/05/2019 - More...

    Starting from April 2019, most VAT-registered businesses that have a taxable turnover over £85,000 are required to keep their VAT records digitally and use Making Tax Digital

  • Claim for money owed to you

    20/05/2019 - More...

    If you are owed money by an individual or business, there is a procedure you can use called making a court claim. This was more commonly referred to as taking someone to a

  • Reasonable excuses for late payment or filing

    20/05/2019 - More...

    There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step, it may be possible to make an appeal against a tax decision. There

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login

 

Copyright © 2019 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy | Privacy Policy