Debt Relief Order 1st year Anniversary

It is the first anniversary of Debt Relief Orders (DRO) being introduced in the UK.

It is a new form of insolvency that helps the most vulnerable borrowers with their debt management.

DROs are available to people with debts less than £15,000, personal assets less than £300 and a monthly disposable income of less than £50.

It could see borrowers have their debts written off after a year if their circumstances do not improve in that time.

Nearly 12,000 (11,831) took out a Debt Relief Order in 2009.

For people with unsecured debts over £15,000, an IVA can see you pay a manageable amount over five years with the remaining debt written off.

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