From IVANews:
A Debt Relief Order (DRO) is a new individual insolvency procedure which came into force on 6 April 2009 and which provides an alternative route into personal insolvency for certain categories of over-indebted individuals, subject to some restrictions namely the individual must have liabilities of less than £15,000, assets of less than £300 and surplus monthly income of less than £50. The Insolvency Service (IS) published its figures on Friday 5th February and DRO’s represented 11, 831 of the total individual insolvency figures for 2009.
Almost a year on and DRO’s are still only available to individuals who meet the criteria above, however, gaining access to services who provide DRO’s is proving to be the biggest obstacle as in the case of Fred Mc Carthy,(see extract from the The Times below), who found himself struggling with debt and but for advice given by a veteran group he would have found himself in a Debt Management Plan as opposed to a DRO which, given hi…
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