Thursday 11th of November 2010
The government's announcement that those with an approved pension can now gain access to debt relief orders (DROs) has been welcomed.
Steven Law, president of the insolvency trade body R3, said the new proposals mean people with an HMRC-approved retirement fund no longer have to have the value of it set against the £300 asset ceiling and therefore make good common sense.
He noted when DROs were first introduced in April 2009, his organisation had concerns that people with any kind of pension plan would be denied access to the financial scheme.
"We look forward to hearing more on the detail of these revised criteria but it should allow many more to take up this accessible and low-cost form of statutory debt relief," Mr Law added.
Last week, statistics published by the RSM Tenon Tracker revealed 6,900 Brits filed for a DRO in the third quarter of the year, representing a ten per cent increase on the second three-month period of 2009.
By Kimberley Parsons
