29/06/2021
Thousands more people will be able to get out of problem debt as a result of changes coming into force today.
Debt Relief Orders (DROs) can now be used if you owe a maximum of 30,000, up from the previous limit of 20,000.
DROs are aimed at people with relatively low levels of unmanageable debt who have nothing to offer their creditors, such as assets or disposable income, and for whom bankruptcy would be a disproportionate response.
The order freezes your debt repayments and interest for 12 months. If your financial situation hasnt changed at the end of this period, then all of the debts included will be written off.
Other changes coming in from today mean you can use a DPO if you have 75 left over at the end of t…
Read the full article at: https://www.yourmoney.com/credit-cards-loans/more-help-for-people-in-problem-debt-from-today/
