Consultation on changes to the monetary eligibility criteria for Debt Relief Orders
Regulatory Updates | 12/01/21
The Insolvency Service launched a consultation on changes to the monetary eligibility criteria for Debt Relief Orders (DROs). The consultation will be open for six weeks and close on Friday 26th February. The financial limits to enter a DRO were last changed in 2015. The proposal is to set new limits that would:
• increase the total amount of debt allowable to £30,000 (from £20,000)
• increase the value of assets owned by the individual to £2,000 (from £1000)
• increase the level of surplus income to £100 (from £50) per month.