In response to today’s (October 29) insolvency statistics, Francis McGee, external affairs director at StepChange Debt Charity said:
“While a fall in the overall level of insolvencies is welcome news, the rise in the number of Debt Relief Orders (DRO) highlights the importance of this vital form of debt relief.
“DROs are an essential part of the protections available to seriously indebted people on low incomes. As the Insolvency Service reviews the future of DROs, it needs to ensure that this scheme is sustainably funded, so that the benefits of DROs continue to be available to all who need them. We welcome proposals to widen access to DROs, but without new funding, a substantial burden will be placed on the free debt advice”.
Anyone considering insolvency should get free, impartial debt advice first so that they are fully aware of their options and the implications of this course of action.