Changes to Debt Relief Orders in England & Wales.

Unexpected changes today in #budget2024 to Debt Relief Orders in England & Wales: 

1. £90 application fee has been scrapped. 

2. The maximum debt a person can have to apply for a Debt Relief Order has increased from £30,000 to £50,000. 

3. A person can retain their vehicle up to a value of £4,000, an increase from £2,000.  

These changes are welcome, and will make many more people in debt eligible for Debt Relief Orders in England & Wales.  

It will be interesting to see how these changes will impact the Debt Relief Order, Bankruptcy & Individual Voluntary Arrangement numbers in England & Wales, and also whether the changes will be introduced here in NI.