OVER 1200 people in Coventry have applied for a Debt Relief Order (DRO) in the last decade, statistics show.
Last month’s Budget announced that the £90 fee to apply for a DRO will be scrapped – starting April, 6.
Eligibility rules will change on June, 28, with the maximum level of debt increases from £30,000 to £50,000.
A DRO is designed for people with low incomes and few assets and writes off unmanageable debts after 12 months.
Statistics show – 18 per cent of Coventry residents currently need debt advice and 1283 people have applied for a DRO in the last 10 years.
Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said that millions of people are impacted by the cost of living crisis and the effects have left deep financial scars.
“No one has to face their debts alone – our expert National Debtline advisers are here to help, and will work with you to make a plan to tackle your debts.”
He added that last year 80 per cent of callers saw their debts reduce or stabilise after receiving advice.
Visit: nationaldebtline.org for advice or further information.
