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DROs 'a new way to manage debt'

DROs 'a new way to manage debt'

- Wednesday, 20 May 2009

The new Debt Relief Order (DRO) scheme introduced by the government last month could lead to an increased number of people managing their debt problems through personal insolvency, according to a Southampton-based accountancy firm.

Mark Sands, director of personal insolvency at KPMG's South Coast office, said the new approach and the rising level of unemployment could lead to a "record number" of people declaring personal insolvency.

This Is Hampshire reported that Mr Sands anticipates this figure could rise to 150,000 by the end of the year.

A DRO allows a person with minimal surplus income or assets whose total debts are less than £15,000 to write off what they owe without declaring full bankruptcy.

Government figures published earlier this week indicated that a total of 10,713 individual voluntary arrangements (IVAs) were made during the first quarter of 2009 - a 12 per cent rise since the same period in 2008.ADNFCR-2300-ID-19178286-ADNFCR
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