Friday 16th of July 2010
Debt relief orders (DROs) have helped show the government that in-depth analysis of UK adults’ debt problems and borrowing is essential, one expert suggests.
Consumer affairs minister Edward Davey recently announced that a review of consumer credit and personal insolvency is set to be carried out by the state and Mark Hoban, the Treasury’s financial secretary.
The report will investigate how consumers enter into credit commitments, what happens if things go wrong and what issues occur during the lifetime of a loan, among other things.
Commenting on the news, Tom Howard, spokesperson for the Consumer Credit Counselling Service, says his organisation backs the plans as such analysis will be very beneficial.
He added: "The success of DROs has highlighted the need for the Insolvency Service to conduct a thorough review of insolvency options and debt solutions to make sure they are complete and meet the real needs of consumers."
By Rachel Powell
