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19/08/2009
Debt relief order take-up 'on the rise' |
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Nearly 2,000 people with low incomes but also limited debts have taken out debt relief orders (DROs) to help people avoid going bankrupt, the Insolvency Service has said.
This was the number of people with surplus income of under £50 a week and debts of below £15,000 who were able to qualify for DROs in the first three months of the scheme, the government body revealed.
Deputy chief executive of the Insolvency Service Graham Horne stated: "This process is good news for those who would have faced the prospect of many years trying to pay off relatively low levels of debts."
People struggling with the possible prospect of going bankrupt may wish to speak to an insolvency lawyer.
Figures from the insolvency service released earlier this month showed that there were 33,073 individual insolvencies in England and Wales in the second quarter of 2009, up 27.4 per cent on a year earlier.
Written by Laurence Smith
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