Changes in Debt Relief Orders Have Come Into Effect

debtor

There are many ways to get out of debt, and one of these is a Debt Relief Order or DRO. DRO’s were created as a new form of insolvency in April 2009, and were originally for those people who had debts, no surplus income after allowed expenses, and no assets, as a way to get […]

I Am In a Token Payment Plan And Getting Nowhere. What Can I Do?

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Question Jon your advice to people is greatly appreciated, and I need some of it. I was made redundant a few years back, and entered into a debt management plan at that time. I have only found part-time work here and there over the past few years. When the pandemic hit I went to a […]

My Business Has Gone Bust And I Don’t Know What To Do.

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Question I need help! My business has gone bust and I signed as guarantor for all the loans, and also had loans in just my name. My company did kitchens and bathrooms, and while I had some work, much of th work dried up. So now I owe the company’s debt and my own debts, […]

Can I Qualify For a Debt Relief Order?

erasing debt

In as much as things change, they stay the same. Insolvency is insolvency, and some of the outcomes from insolvency can be going bankrupt, or entering into an IVA/Individual Voluntary Arrangement. In April 2009, a new form of insolvency was created and it was termed a Debt Relief Order or DRO. One of the reasons […]

What Can I Do To Get out of Debt?

stressed person

Question Hi Jon, I need some advice on how to get out of the debt I am in. I owe £35,000 due to my business failing, and another £10,000 in personal debts. I am the Director of the company and guaranteed all the business loans. I am back trading, but not at the level I […]

What is the Difference Between Insolvency and Bankruptcy?

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When people say they need to go bankrupt, they usually are referring to the fact they are struggling with bills and debts, may have collector chasing them for payment, and in general cannot afford to pay their accounts. For many people, they will struggle with paying debts, being in arrears, in default, and being chased […]

What Are IVA’s/Individual Voluntary Arrangements?

signing an agreement

You’ve seen the ads on the Internet: Get Out of Debt Today! New Government Plan to Reduce Your Debt! Pay Back Pennies on the Pound and Eliminate Your Debt? Be Debt Free With Just a Few Simple Steps! Most of these ads are referring to what is called an IVA or Individual Voluntary Arrangement. Individual […]