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Hi not sure if this has already been mentioned but in April it will be possible for people who have no assets to be able to apply for something like an IVA / bankruptcy. You can only clear up to £15k of the debt, it has tio be done through CAB and it will only cost £90. There is more info on this here Debt Wizard - Debt Relief Orders

 

I havent looked into this much so unsure about how long it last etc, but it may help some people.

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It'll last for 12 months and, at the end of that time, the debt owed will be discharged leaving the debtor debt free. It seems quite similar to the LILA (Low Income Low Assets) route which started operating in Scotland in 2008.

 

To give you an idea of how DRO may potentially impact insolvency in England/Wales, in the second quarter of 2008 in Scotland 4055 bankruptcies were awarded. 2773 of these bankruptcies were awarded because the individuals met the LILA criteria.

HAVE YOU BEEN TREATED UNFAIRLY BY CREDITORS OR DCA's?

 

BEWARE OF CLAIMS MANAGEMENT COMPANIES OFFERING TO WRITE OFF YOUR DEBTS.

 

 

Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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