Debt relief order

[bigpete]

Noticed that Melanie mentioned below the new "Debt relief order" - not sure if it's been highlighted on this site, but here goes anyway:
The Citizens Advice Bureau has welcomed new proposed legislation that will provide an alternative to individual voluntary arrangements (IVAs) for consumers on low incomes struggling with debts. Announced in the Queens' Speech, the Tribunal Courts and Enforcement Bill will offer those with assets under £300 and surplus income of under £50 a month to apply for debt relief orders if the debt is less than £15,000. This would enable the debt to be discharged one year later if the circumstances of the borrower have not changed. Welcoming the bill, Citizens Advice Chief Executive David Harker said borrowers "need to be given some hope that they can turn things around," which he believed the legislation offered. Such an order would still leave the borrower's credit history damaged as the credit agreement will have been breached