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Debt Relief Order

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  • Debt Relief Order

    Hi I知 after some advice I知 struggling to live and keep up with repayments on credit cards and loans and although I知 currently up to date with all my repayments I知 only keeping afloat because I知 slipping into more and more debt.

    I知 keeping this away from my close family as I don稚 want them to have the stress and worry on top of what is already a busy household.

    I知 looking at taking out a debt relief order and notice there痴 a 30k ceiling which would normally be absolutely fine. I have a car on hp and to vt this balance would take me well over the 30k limit. My question is a car on hp have to be included on a debt relief order.

    I have got a quote to sell the car but it痴 just short under 2k of the settlement quote so I知 in 2 mins wether to use the last 2k available credit to cover the shortfall and get rid of the car which would put me well under the threshold of 30k.

    I知 like others the credit crunch has well and truly hit me and just need some advice as to what to do.

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  • #2

    Good afternoon - before doing anything else, you may wish to speak to Citizens Advice. This Spring Budget had an announcement about changes to DROs.

    The ceiling has been raised to 」50000 and the 」90 application fee has been abolished. There is also a 」4000 allowance for vehicles.

    This is the link to the document produced following the budget which will explain more - E03057752_HMT_Spring_Budget_Mar_24_Web_Accessible_ _2_.pdf (publishing.service.gov.uk)

    Good luck


    • #3
      Thanks for the help


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