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DRO - Budget changes
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maxmycardagain
Posts: 5,843 Forumite
DRO's soon to be free (no fees), upto £50,000 total debt and a car ignore value of £4000
Welcome news to many i suspect
"In this week’s Spring Budget, it was announced that the government is removing the £90 administration fee for Debt Relief Orders (DROs) from 6 April 2024, and raising the maximum debt value threshold from £30,000 to £50,000 and increasing the maximum value of motor vehicle that an individual can retain from £2,000 to £4,000 from 28 June 2024."
Welcome news to many i suspect
"In this week’s Spring Budget, it was announced that the government is removing the £90 administration fee for Debt Relief Orders (DROs) from 6 April 2024, and raising the maximum debt value threshold from £30,000 to £50,000 and increasing the maximum value of motor vehicle that an individual can retain from £2,000 to £4,000 from 28 June 2024."
Now we all know how it felt to play in the band on the Titanic...
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Yes good news to a lot of people except perhaps the ones that actually process the DROs!
No one is likely to submit a DRO between now and the 6th April and then there will be an avalanche. And between April and June everyone dealing with debt clients who have been on token payments for years but have debts of under £50k will be looking to see if the clients want to move to DROs instead. So another avalanche at the beginning of July.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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with a £50,000 maximum figure from what was - not long ago - £19,000 i reckon pukka bankruptcies (with the £700 fees) will see some downturn tooNow we all know how it felt to play in the band on the Titanic...0
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