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New debt management option "a positive step"

17/04/2009

A new debt management option has been described by one expert as "a positive step".

Commenting on the introduction of Debt Relief Orders (DROs), R3 president Nick O`Reilly said they will help in the fight against poverty by releasing consumers who are trapped in debt problems.

Available since April 6th, DROs are designed as an alternative to bankruptcy and Individual Voluntary Arrangements (IVAs) and are intended for debtors with low incomes and assets.

Mr O`Reilly said: "This is particularly important as the recession deepens, redundancies increase and employment is increasingly difficult to find."

However, he added it is possible that the government may underestimate demand for DROs and may therefore not have enough resources for the regulator to conduct "stringent fact-checking" in order to prevent abuse of the system.

Mr O`Reilly went on to recommend that people who opt for DROs are given financial education to prevent them falling back into debt problems.
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