It is the first anniversary of Debt Relief Orders (DRO) being introduced in the UK. It is a new form of insolvency that helps the most vulnerable borrowers with their debt management. DROs are available to people with debts less than £15000, personal assets less than £300 and a monthly disposable income of less than £50. It could see borrowers have their debts written off after a year if their circumstances do not improve in that time. Nearly 12000 (11831) took out a Debt Relief Order in 2009. For people with unsecured debts over £15000, an IVA can see you pay a manageable amount over five years with the remaining debt written off.
