If you have debts of less than £15,000, and a low income, there is a new court order that you may be able to apply for from 6 April 2009. It’s called a Debt Relief Order, or DRO for short. You can’t apply for a DRO if you own things of value of over £300 – so if you’re a homeowner, it’s very unlikely you’ll be able to apply.

A DRO usually lasts for one year and during that time, none of the people you owe money to will be able to take action aginst you to get their money back. At the end of the year, you’ll be free of all the debts listed in the order. The order will cost you £90 but you can pay this in instalments over six months.

 Our bebo URL – http://www.bebo.com/DebtFcD 

Although the spiral into debt and substance addiction are, in many ways, two very different phenomena, they share many similarities too. People in debt, like those addicted to drugs, suffer low self esteem, a loss of control and are often secretive about the extent of their problem. Just as it is seemingly easier in the short term to stay addicted to a drug than go through the long process of withdrawal, so it is the same with remaining in debt over committing to repayment – they both have a price to pay.

In the UK personal debt increases by £1 million every four minutes.  Saving for the future is a dated concept next to the new ‘have it now’ mentality. But when debt starts to spiral out of control, it’s time to rethink your emotional relationship with your money and find a way out. If you recognise yourself call us now on 0800 007 5307