Borrowers Find Relief
Struggling borrowers can now wipe out their debts without a fee, thanks to a little-known method. Josh Munns from Derby managed to clear £12,000 of debt using this method.
Debt Relief Order Explained
A Debt Relief Order (DRO) freezes debts for 12 months, during which creditors cannot contact you for payments. If your financial situation doesn't improve, the debts are completely wiped. The fee for DRO setup has been recently scrapped, making it more accessible.
Josh's Story of Overcoming Debt
Josh couldn't afford to pay off his £12,000 debt, leading to a challenging time battling addiction and homelessness. With the help of Money Wellness, he qualified for a DRO, which was approved in March, bringing him a new sense of financial freedom.
Impact of Fee Removal
The removal of the DRO fee is expected to help 40,000 financially vulnerable households in the UK. Money Wellness noted that 44% of those eligible for a DRO in the past year couldn't afford the fee within the required timeframe.
What is a Debt Relief Order?
A DRO freezes debts for 12 months and wipes them if your financial situation doesn't improve. It's an option for those owing less than £30,000, without homeownership, and with minimal monthly leftover income.
Did you miss our previous article…
https://hellofaread.com/money/shoppers-excited-over-new-ice-lollies-based-on-childhood-sweets-at-iceland/
