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The number of people taking out a debt relief order (DRO) across England and Wales surged to a record high in the third quarter of this year.
Some 8,438 DROs were taken out between July and September, marking a 49% jump compared with the same quarter in 2022, according to figures from the Insolvency Service.
It said the number of DROs was the highest quarterly number since their introduction in 2009.
A DRO is one formal option for people to deal with their debts if they owe 30,000 or less and have no realistic prospect of paying off the money. Taking one out could make it harder to get credit in the …
Read the full article at: https://www.independent.co.uk/money/number-of-people-taking-out-debt-relief-orders-reaches-highest-level-since-2009-b2438952.html