Rises in used car prices have been a barrier to people entering insolvency in recent years, according to a financial support service.
Money Wellness made the comments ahead of changes to debt relief orders (DROs) this week, which will raise the value of a vehicle that people who are entering this type of insolvency can own.
From Friday June 28, the total amount someone with a DRO can have will increase from 30,000 to 50,000 and the value of a vehicle they can own when they enter a DRO will rise from 2,000 to 4,000.
There are three types of formal personal insolvency in England and Wales including DROs, bankruptcies and individual voluntary arr…
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