Welcome to debt advice You are about to start debt advice with StepChange We will ask about your finances We work out your budget You get free, impartial debt advice This will not involve a credit check.
This is another form of insolvency. From 28 June, in England and Wales, people may be able to apply for a DRO: With a debt amount of £50,000 or under. The current limit is £30,000 If they own a vehicle worth £4,000 or under. The current limit is £2,000 What this means for you if you have had advice and been recommended bankruptcy The advice we gave you is still right for your situation. However, a DRO may also be available to you after 28 June. If you want to see if a DRO will be a better option for you than bankruptcy after the changes, please: Log on to your account after 28 June and complete another debt advice session. Remember to wait until 28 June if you decide to do this. This also gives you the chance to check your information and update your online account if anything has changed since you first got debt advice Stop your bankruptcy application and any payments to the fee until you have decided which solution is right for you Find a way to deal with your creditors in the meantime, such as Breathing Space or forbearance. There is more information about these options in your personal action plan Bankruptcy may still be the option you decide to go ahead with, and your advice may not change. We cannot guarantee a DRO will be available to you after the changes take place. For more information about DROs, please visit read our guide. What if I have started my bankruptcy application? If you don’t want to see if a DRO is now right for you, you don’t need to do anything. You can ignore this email and carry on with your bankruptcy application. If you have started your application and not paid your full fee, you can still wait until 28 June and check if bankruptcy is still right for you. Just log into your online account and complete another advice session. If, after 28 June, a DRO is now the option you want to go ahead with, you can cancel your bankruptcy application. Any money you have paid to the fee will be refunded to you. If you have any questions, please get in touch.
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Our online debt advice tool will give you advice based on your circumstances, including where you live in the UK, and recommend a solution. Common debt solutions include: Debt management plans (DMP) Individual voluntary arrangements (IVA) Bankruptcy Debt relief orders (DRO) If you live in Scotland you may also be recommended a: trust deed, or debt payment plan via the Debt Arrangement Scheme (DAS)
Our advice is based on the following: If you can repay your debt in full over a reasonable period of time, we will recommend a debt solution based on repayment over an insolvency solution. An insolvency solution may write off some or all of your debt, but it may also have more of an impact on you. Such as your assets or being able to take out credit. We will let you know what we think you should do. We will also let you know about any other solutions you could think about. We may also let you know about other places to get the help you need.
After you’ve completed online debt advice you will get a personal action plan, giving you clear and practical advice about how to deal with your debts. We’ll also provide simple steps for you to follow to get things started. This will include instructions on how to deal with your creditors while you’re getting things set up.
If you are currently on an informal debt solution such as a debt management plan (DMP) with another provider then you’re welcome to use our debt advice tool. If you currently have an individual voluntary arrangement (IVA) or trust deed we recommend you talk to your insolvency practitioner before getting debt advice. This is because you’ve signed up to a legally binding agreement. They’ll be able to review your situation if you can’t afford the monthly payments or talk you through your options if you think it’s no longer the right solution for you.