Debt Relief Orders

Written by PayPlan on 7 June 2006

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 people 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 Independant

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