Business Minister Jo Swinton announced in January a change to the qualifying conditions for a Debt Relief Order.
Excellent news for debtors, who will be able to access the £90 DRO from 1st October if their debts are under £20,000, assets under £1000.00 and have a car valued at no more that £1000. Disposable income stays at no more than £50 per month. We feel the changes will help more people become free of “unresolvable debt”, to quote Jo Swinton, and have a fresh start.
It remains to be seen if debtors who qualify will be helped to take advantage of the scheme by the wider debt advice sector and if there are sufficient Licenced Intermediaries to assess and process DRO’s.