Record numbers seek help through Debt Relief orders
National Debtline responds to latest individual insolvency figures.
Posted June 18, 2024
The Insolvency Service has published its latest monthly Insolvency Statistics, showing personal insolvencies were down by 4 percent in May 2024 compared to April 2024 at 9,266.
However, the number of Debt Relief Order (DRO) applications rose to a record 3,716, an increase of 8% compared to April 2024. On 6th April 2024 fees for Debt Relief Orders were removed as part of changes announced in the Spring Budget, with further changes to eligibility rules coming in on 28th June.
With latest figures showing 8 million people in the UK needing debt advice, 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:
“The record numbers of Debt Relief Orders registered reflects the challenges many are facing in keeping their finances afloat.
“Experiencing financial difficulty is often stressful, but options like Debt Relief Orders can help remove some of the financial and emotional pressure.
“Even if you are not eligible for a DRO, contacting a free, impartial debt advice service like National Debtline can be the most important step in dealing with your situation.
“I would urge anyone worried about their finances to get in touch as soon as possible to see what their options are.”
National Debtline provides free, independent, expert advice. Contact National Debtline for free on 0808 808 4000 or via www.nationaldebtline.org.
