A leading organisation that delivers debt help and advise for those seeking a Debt Relief Order (DRO) says the increase in value of used cars has proven to be a real stumbling block for those seeking this kind of insolvency.
A DRO is just one of three recognised types of personal insolvency in England and Wales, with the other two options being bankruptcies and Individual Voluntary Agreements (IVAs).
According to Gov.co.uk, a DRO allows an individual to deal with debts of less than 50,000 (as of June 28), but in order to do so, they must not have much spare income (usually less than 75 per month) and not own a home.
If accepted, applicants can then stop making payments towards those debts (including interest) for 12 months and will not …
Read the full article at: https://cardealermagazine.co.uk/publish/rising-used-car-prices-have-been-preventing-people-entering-insolvency-says-financial-support-service/303847