Article by Alex Hargrove who is part of the specialist debt recovery team at Furley Page Solicitors.
A new measure to help deal with debt – the Debt Relief Order – shouldn’t be regarded as an easy option, says debt recovery adviser Alex Hargrove.
Debt Relief Orders (DROs) apply to debtors who have less than £15k of unsecured debt; no more than £50 per month disposable income and assets which don’t exceed £300.
Alex, debt recovery adviser at leading regional law firm Furley Page, explains: “Debt Relief Orders are designed to deal with the least complicated debt cases on a fast-track process through the courts. They simplify bankruptcy - but the worry is that that they are open to abuse, making it too easy for consumers to escape their debts.
“There is also concern that it could be difficult for authorities to monitor an applicant’s financial situation with this type of filing.”
Debt Relief Orders (DROs) apply to debtors who have less than £15k of unsecured debt; no more than £50 per month disposable income and assets which don’t exceed £300.
An application for a DRO, costing £90, can only be made once professional advice has been sought. The official receiver can either grant the order, refuse to make one or delay the decision, pending further information.
During the period that a DRO is in force – usually 12 months – the debtor is protected from any further enforcement action by the creditors but he is obliged to supply information to the official receiver and make arrangements to repay creditors should his financial circumstances improve. Failure to do so could result in the DRO being withdrawn; a civil claim being made against him or criminal prosecution.
Debtors who are granted DROs face the same restrictions as bankrupts, explains Alex. Furthermore, they can only access a DRO once every six years; their credit rating is affected and the DRO will appear on the Individual Insolvency Register.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Online Debt Recovery Agency - A Proven Way of Collecting Debts Quickly
- Debt Recovery Services - To Relieve Your Worries
- Few Tips for Debt Recovery to Relieve Your Worries
- A Beginners Guide to Business Debt Recovery
- Debt Recovery in a Tough Economic Climate
- How Debt Recovery Works For Businesses
- Getting Paid On Time And Debt Recovery When The Credit Crunch Bites
- Winning the Debt Recovery Game
Adjust Your Tax Withholding and Finally Pay the Right Amount
By: Darrin Mish | 26/11/2009Because you don't wish to end up needing to pay the IRS money at tax time, deciding the amount to withhold in your W-4 form can be tricky. Yes, if you are smart, you also do not want to get too large of a tax reimbursement because then that means you have loaned the government your money for an entire year less interest. You could be paying less than what you must and be able to maximize your efficacy in paying taxes when you rightly fix your tax withholding.
Conversion Of Existing Firms-Limited Liability Partnerships - Various Aspects
By: taxmann | 26/11/2009The entire world is gradually drifting towards one global market without any trade barriers between the countries. A small organization led by few partners cannot think of growth on large scale without corporatising itself Limited Liability Partnership (LLP).
Minneapolis Court Records | Minneapolis Criminal Records
By: David Elliott | 25/11/2009Minneapolis Court and Criminal Records are now available. If you want to find Minneapolis Court Records or Minneapolis Criminal Records, you need to read this article. Minneapolis Court Records | Minneapolis Criminal Records:
El Paso Court Records | El Paso Criminal Records
By: David Elliott | 25/11/2009El Paso Court and Criminal Records are now available. If you want to find El Paso Court Records or El Paso Criminal Records, you need to read this article. El Paso Court Records | El Paso Criminal Records:
Phoenix Court Records | Phoenix Criminal Records
By: David Elliott | 25/11/2009Phoenix Court and Criminal Records are now available. If you want to find Phoenix Court Records or Phoenix Criminal Records, you need to read this article. Phoenix Court Records | Phoenix Criminal Records:
Atlanta Court Records | Atlanta Criminal Records
By: David Elliott | 25/11/2009Atlanta Court and Criminal Records are now available. If you want to find Atlanta Court Records or Atlanta Criminal Records, you need to read this article. Atlanta Court Records | Atlanta Criminal Records:
Orlando Court Records | Orlando Criminal Records
By: David Elliott | 25/11/2009Orlando Court and Criminal Records are now available. If you want to find Orlando Court Records or Orlando Criminal Records, you need to read this article. Orlando Court Records | Orlando Criminal Records:
Austin Court Records | Austin Criminal Records
By: David Elliott | 25/11/2009Austin Court and Criminal Records are now available. If you want to find Austin Court Records or Austin Criminal Records, you need to read this article. Austin Court Records | Austin Criminal Records:
Festive fun by the canals and rivers
By: Daniel Butler | 23/11/2009 | CruisingThe most magical time of the year is fast approaching, so avoid the urge to spend your Christmas hibernating indoors and head towards your local waterway to see all the fun that's on offer.
Reducing the intrusion of your indoor garden on your indoor life
By: Daniel Butler | 14/10/2009 | GardeningIndoor gardening is an increasingly popular hobby that allows green-fingered growers to continue producing their own fruit and veg all year round by growing under lights in a controlled environment.
Win £100 in the British Waterways wildlife photo competition
By: Daniel Butler | 06/10/2009 | OrganizationalBritish Waterways is calling on all keen photographers to get outside and capture an original image of a busy bumblebee by a canal or river.
Top tips for wildlife photographers
By: Daniel Butler | 15/09/2009 | CampingOur Wonderfully Wild Competitions ask for your best photos of bumblebees and wildlife in general. But how do you take a winning photo? Read on for our top tips.
New Measure To Help Deal With Debt Not An Easy Option
By: Daniel Butler | 24/08/2009 | National, State, LocalA new measure to help deal with debt – the Debt Relief Order – shouldn’t be regarded as an easy option, says debt recovery adviser Alex Hargrove.
Waterways museum welcomes new manager
By: Daniel Butler | 18/08/2009 | HolidaysThe National Waterways Museum is pleased to announce the appointment of John Inch as General Manager of the National Waterways Museum Ellesmere Port.
Top Tips For Avoiding Costly Landlord And Tenant Disputes
By: Daniel Butler | 17/08/2009 | National, State, LocalDisputes involving tenancy agreements can be onerous if you’re a landlord - and bring untold grief if you’re a tenant - so wise up on the do’s and don’ts if you want to avoid problems.