Debt relief order (DRO) is an efficient financial option for UK debtors to get out of debt like situations. This is a formal way to solve debt repayment issues if debtor is financially not efficient to make payments. If your DRO application get approval then your payments, interest rate and other charges freezes for 12 months period. If your financial situation improved during this period then you will pay the debts listed in DRO letter. In case of no improvement of financial situation, your debts will be written off. This is cheapest and newest repayment option. It is important to meet with some essential criteria to get DRO approval.
This option has become popular soon and people from several parts of UK are going through this option to clear their payments. People of Northern Ireland are also finding it an appropriate option for repayments. This statement has been clear from the financial figures and facts of debt relief order.
Insolvency service has released reports about DRO uses and users. It shows that there are several individuals? turns to this option to manage their unmanageable debts. It was first introduced only in England and Wales in April 2009. Debtors of Northern Ireland become able to use this repayment plan only after June 2011. Statistics show that it has become popular in this short period. Total 357 people have entered in DRO when it starts in England and Wales. In first three months of its introduction in Northern Ireland approx 34 people entered in this process to pay off their debts. It is a part of debt consolidation.
Total 132 people have entered in this process between April and June of this month. This number does not seems good in comparison of other parts of UK but you should also know that only 796 people of Northern Ireland entered in insolvency. Debt relief order may be alternative of IVA.
Related posts:
- Debt Relief Order: Sequential steps to complete the process
- Debt Relief Order: Federal Option to Clear Your Debts
- How to Start Debt Relief Order Process
- Have a Look at Insolvency in Scotland and Northern Ireland
- Very best Debt Relief organizations
Source: http://www.city-news.co.uk/overview-on-debt-relief-order-for-northern-ireland-residents/
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