Saturday 23rd of October 2010
Growing numbers of women are finding debt relief orders (DROs) are a useful way to wipe out the money they owe on unsecured financial products, it has been suggested.
Research from RSM Tenon recently revealed that in the year ended August 31st, close to 64,000 UK females entered into personal insolvency - either an individual voluntary arrangement, bankruptcy or DRO. This constituted a 22 per cent increase on 2009.
However, the firm, which used its tracker database to analyse information published by the Insolvency Service, observed some 63 per cent of all DROs were made up of women applicants.
Commenting on the findings, Mark Sands, national head of bankruptcy at RSM Tenon, said the fact the measure is only available to people who owe less than £15,000 is significant.
"Maybe for a woman at £15,000 thinks 'Crikey I ought to do something', whereas a man being more macho waits until it's up to £20,000 to £30,000 and what he thinks is a problem," he explained.
Mr Sands went on to note the measure doesn't require a court appearance.
