How To Start Again with Debt
Written By
Team Nucleus
A Debt Relief Order might be the answer to end the sleepless nights, and they have just got better!

Debt relief orders are one way to deal with your debts. It is available for debts under £20,000, and when you do not have much spare income not your own home. If you get one: your creditors cannot recover their money without the court's permission.

Nucleus advisors are accredited to help you get a DRO. It is a great way finally being able to get to grips with your debts and starting afresh. There are consequences so do get advice.

And they just got better! As of the end of June to DRO eligibility criteria will see the level of debt increasing from £20,000 to £30,000. People experiencing problem debt to get a fresh start.

The changes to the criteria will:
  • The threshold on the value of assets that a debtor can hold and be eligible to enter into a DRO will increase from £1,000 to £2,000.
  • The value of a single motor vehicle that can be disregarded from the total value of assets will increase from £1,000 to £2,000.
  • Increase the level of surplus income received by the debtor before payments should be made to creditors from £50 to £75 per month.
  • Increase the total debt allowable for a DRO from £20,000 to £30,000.

Keep hold of your cash !

The changes are due to come into effect on 29 June to coincide with the end of the first 60 days of the Government’s Breathing Space scheme, which began on 4 May 2021.

Disclaimer: This blog is for general information only.
Nothing on this blog constitutes formal legal advice or gives rise to a solicitor-client relationship.
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