DROs consultation reported by Auntie
The BBC have published a story noting that Debt Relief Orders are to be reviewed. See here. R3 have been characteriustically quick off the mark with a response. A press release has been circulated in which their President, Mr Peter Sargent opines:
"When DROs were introduced in April 2009 we had concerns that debtors with any kind of pension pot were effectively barred from this form of debt relief. It seemed counter-intuitive to discourage even those with a very small pension pot, which would be included as assets and likely prevent them from being eligible for a DRO.
The announcement that those with a small pension pot will not have that value set against the asset ceiling of £300 is good common sense. We await further details on where this value will be set, but this should allow many more to take up this accessible and low-cost form of statutory debt relief."
This news comes at the same time as the Insolvency Service release new 'Information for petitioners on insolvency service deposit and fee charges for 2010'.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...