www.debtfreedirect.co.uk – People in debt need time and space to sort out their money troubles according to one industry firm. Insolvency trade body R3 says almost a third of people declaring themselves insolvent are being frequently contacted by companies or individuals they have borrowed. It is calling for people considering bankruptcy to be given 28 days respite from the court so they can consider options such as Individual Voluntary Arrangements (IVA) – http or Debt Relief Orders (DRO). Steven Law from R3 says “During that period they would be obliged to seek professional advice before making a decision”. He added that once a decision has been made they should be “applauded for taking action to bring resolution”
People in debt need breathing space
May 21, 2010 By
