Debt Relief Orders
The Citizen Advice Bureau are calling for the government to introduce a new scheme called “Debt Relief Orders” – new insolvency plans put forward by ministers, due to the increase in people looking for debt advice.
Debt Relief Orders will not entail court involvement, unlike bankruptcy or Individual Voluntary Arrangements (IVA). The orders would apply to poeple who have a debt of £15k or under, and less than £50 available surplus each month after essential expenditures.
Before the orders can be created, there needs to be a change in the current legislation.
Source: The IndependantÂ
Written by tani on June 7th, 2006
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