Saturday 3rd of April 2010
Debt Relief Orders (DROs) have been taken up by a large number of Brits with money troubles over the last year, the Consumer Credit Counselling Service (CCCS) states.
DROs are aimed at people with low incomes, low assets and debts of up to £15,000 and is a more affordable alternative to bankruptcy.
According to the body, the form of insolvency was recommended to some 12,696 people since being introduced 12 months ago.
And the CCCS suggests that the figures show the method of debt help is a good option for those who need assistance with their debts but don’t qualify for - or can’t afford - bankruptcy.
Commenting on the statistics, the organisation’s chairman Malcolm Hurlston says: "Debt blights lives and DROs offer people a chance for rehabilitation."
He added: "This form of ‘insolvency lite’ is helping many people who have, for whatever reason, got into a position where they can no longer repay their debts."
The CCCS is a debt advice charity that helps more than 500,000 people with their money problems each year.
