The IPA Volume Provider Regulation (VPR) Scheme 2020 benchmark report is out now – click here.

Debt Relief Orders consultation

As you may be aware, the Government issued a consultation on 12 January 2021 to seek views on increasing the current monetary eligibility limits of Debt Relief Orders (DROs).

The thinking behind this proposal is that it would give more people who are in problem debt, with low levels of assets and low income, access to a suitable and proportionate option for managing their debts – keeping in mind that an equal balance between the interests of creditors and those in debt needs to be achieved. While it is expected that the Government is seeking to ensure that insolvency solutions are fair, we recognise that the changes proposed could have a significant impact on some Insolvency Practitioners’ business models and would like to understand your perspective.

The consultation closes on 26 February 2021, and we encourage all members to respond. Read more here