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What is a debt relief order

A debt relief order is an order you can apply for if you can't afford to pay off your debts. It's granted by the Insolvency Service and is a cheaper option than going bankrupt.

You must have debts of less than £15,000 and a low income.

A debt relief order usually lasts for a year and during that time, none of the people you owe money to (your creditors) will be able to take action aginst you to get their money back. At the end of the year, you'll be free of all the debts listed in the order.

You can't apply for a debt relief order if you:

own things of value or have savings of over £300

own a vehicle worth more than £1,000.

http://www.adviceguide.org.uk/index/life/debt/debt_relief_orders.htm

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Every unsecured debt ought to be defaulted.

What the rising trend from 2001 shows is that people are waking up to the bankster criminality and are gradually realising they don't owe anything at all in the first place.

When everyone has gone insolvent then we'll be getting somewhere.

http://www.bbc.co.uk/news/business-13307751

_51098229_insolvency464x350.gif

Edited by Red Karma
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Every unsecured debt ought to be defaulted.

What the rising trend from 2001 shows is that people are waking up to the bankster criminality and are gradually realising they don't owe anything at all in the first place.

That's fine.. as long as they release back to the market the assets they bought with the money that wasn't theirs borrowed from people who should never have been allowed to lend it.

No need to differentiate between secured/ non-secured though.. ;)

Edited by libspero
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130,000 personal insolvencies a year, and barely a repo in sight.. it's like magic!

+1

From an HPC perspective insolvency's just not that significant (evidenced by the way they've increased at the same time as house prices have increased), what counts is repossessions.

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  • 8 years later...
Quote

The number of people entering insolvency in England and Wales rose sharply in the three months to September compared with a year ago, according to Insolvency Service figures.

the number of people officially entering financial distress rose to 30,879 in seasonally adjusted terms, up 23% on a year ago.

The rolling 12-month rate of individual insolvencies per 10,000 people rose to an eight-year high of 27.4, the figures showed.

“Today’s figures provide a worrying insight into the state of personal finances,” said Duncan Swift, president of insolvency and restructuring trade body R3.

https://www.gov.uk/government/statistics/company-insolvency-statistics-july-to-september-2019

 

not going to end well

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An acquaintance defaulted on everything because there was no way out and he was so pi$$ed off with the structure anyway and his life tbh. 

Mortgage, Bank loan(s?), Credit cards and a couple of overdrafts. Some of this stuff he increased just before ending the pretence.

He says the total amount of the default was heading towards £70k compared to paying back the whole lot.

The thing that struck me most, although obvious really, was just how much banks charge and how quickly interest piles up.

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On 30/10/2019 at 15:57, Bluestone59 said:

An acquaintance defaulted on everything because there was no way out and he was so pi$$ed off with the structure anyway and his life tbh. Mortgage, Bank loan(s?), Credit cards and a couple of overdrafts. Some of this stuff he increased just before ending the pretence.

So basically he was just living beyond his means? Let's be honest, whatever the economy is doing or how well or badly an individual is doing there will always be some people who want stuff today that they can't really afford until tomorrow - for those sort of people it's never going to end well.

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On 06/05/2011 at 11:08, cashinmattress said:

It's like waving the white flag before signing the official contract of surrender?

http://www.insolvency.gov.uk/bankruptcy/alternativestobankruptcy.htm

Bankruptcy: dr-evil.jpg

Debt relief order: 1280183653-mini_me.gif

Even the website  http://www.insolvency.gov.uk has gone under 

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