What is the debt advice sector saying about DRO? I am sure you have heard of the abolition of £90 if a Debt Relief Order Intermediary administers a Debt Relief Order (DRO) with the Insolvency Service to write off qualifying debts on behalf of debtors. This is undoubtedly a positive outcome for many who have recently been under the mercy of many Individual Voluntary Arrangement providers. To make it clear, this abolition came into effect on 6th April 2024. Other noticeable changes have been introduced with the DRO, and the debtor may have to wait a bit longer. The maximum amount of qualifying debts will increase to £50,000 and the cost of an increase in a vehicle to £4,000, and they are to come into effect on 28 June 2024. Anyone who knows about DRO will know that the qualifying debts were no more than £30,000 before these changes were implemented. The vehicle's value must be less than £2,000 unless it is specially adapted due to disability. Moreover, any assets the debtor owned mu
A nother thought provoking podcast on Debt Talk is: ‘ Poverty & ethnicity premium ’. This time, leading experts from academia, think tanks, debt advice, and funders spoke about issues that matter in financial services. Maria Booker from Fair By Design explained the poverty premium and how communities are paying more and being financially discriminated against because many can’t afford to pay by direct debit and are also on low incomes. This is particularly the case with paying for insurance and fuel or customers who pay a fee for withdrawing cash from a cashpoint when they have no alternative option. Sara Davies from Bristol University explored how many customers are directly impacted by services in the retail finance sector based on her research on those digitally excluded or affected by disability. However, when one product has been regulated, others seem to come into the market to exploit vulnerable customers. Jerry During MBE from Money A&E, passionately spoke about how dir