Record levels of DRO registrations “a clear sign of extreme financial pressure”
National Debtline responds to latest personal insolvency figures.
Posted August 20, 2024
The Insolvency Service has published its latest monthly Insolvency Statistics, showing personal insolvencies in July 2024 remained at similar levels to June 2024, but were 24% higher than in July last year at 10,524.
The number of Debt Relief Order (DRO) applications while 5% lower than June 2024, standing at 4,163, remained at record levels in 2024, up 97% on average since their introduction. In April and June this year eligibility for Debt Relief Orders was extended by the removal of the £90 fee.
The charity is urging anyone struggling with their bills to contact National Debtline for free, independent advice.
Steve Vaid, chief executive of the Money Advice Trust, the charity that runs National Debtline, said:
“2024 remains a record year for the number of people registering for a Debt Relief Order, a clear sign of the extreme financial pressure many households are under.
“DROs offer a safe route out of debt for people on the lowest incomes, and the recent removal of the £90 fee means that more people in financial difficulty are able to access this option.
“Not everyone experiencing difficulty is eligible for a DRO, but contacting a free, impartial debt advice service is the most important first step for anyone who is worried about their finances.
“Our advisers at National Debtline are here to help and can find the right option whatever the circumstances.”
National Debtline provides free, independent, expert advice. Contact National Debtline for free on 0808 808 4000 or via www.nationaldebtline.org.
