A look at Debt Relief Orders

Posted by admin on Nov 2, 2011 in Budgeting, Debt | 0 comments

In 2011′s second quarter, there were 7,257 DROs – or Debt Relief Orders – entered into in England and Wales, marking the highest number since they were first introduced in 2009.

This figure also showed a 6.9% increase on 2011′s previous quarter, when 6,788 people entered a Debt Relief Order in order to regain control of their unaffordable, unsecured debts.

But what exactly is a DRO, and what does it involve? Let’s take a look.

What is a DRO?

A DRO – Debt Relief Order – is a type of insolvency solution designed for people who can’t afford to repay their unsecured debts, and have a low available income and few assets.

Many people in serious debt problems consider bankruptcy as the most suitable approach to their situation. However, the high up-front cost of the fees involved – which can currently cost £700 in total – could understandably be off-putting for people already in serious financial trouble. In some cases, it could mean bankruptcy just isn’t an option.

DROs were introduced as a low-cost alternative to bankruptcy. They’ve helped a lot of people who have unaffordable debts and limited income/assets to go towards them.

You might be eligible for a Debt Relief Order if:

• You have unsecured, unaffordable debts of no more than £15,000
• You have total assets worth less than £300 (and if you own a car, it must be worth less than £1,000)
• You have a disposable income (after essential costs) of less than £50 per month
• You haven’t had a DRO in the past six years
• You are not involved in any other form of insolvency.

If you’re seriously struggling with your unsecured debts, a DRO won’t be necessarily be the most suitable approach, so speak to a debt adviser first to find the best way of tackling the problem.

How does a DRO work?

A DRO can only be applied for through an ‘approved intermediary’, who can talk you through your finances and help you decide if a DRO is right for your situation.

If you qualify for a DRO, after you’ve paid the £90 application fee (which can be paid in instalments if necessary), the approved intermediary can complete the application on your behalf.

If your DRO application is successful, you’ll have a 12-month ‘moratorium’ period placed on your unsecured debt repayments – which means you won’t have to make any payments during that time and interest will be frozen, so your debts won’t continue to grow.

You’ll also be protected from any further action from your lenders and if, after 12 months, your circumstances haven’t improved, all debts included in the DRO will be written off.

Having said that, your DRO will stay on your credit history for six years, which could make it harder to access further credit in that time.

How to Attract more Customers

Posted by admin on Mar 6, 2011 in Budgeting | 0 comments

If you have created a new product or service and you want to introduce it to the public, you might choose to attend a trade show.  Trade shows are done just for this reason and if you have never been to one, you are in for a treat. This is where many inventor and businesses will take their new item to let others know what they have to offer. 

Each person will have their own rented space and they can fill that space with whatever type of display they like. This display can be as wild as they want and designed to draw in people to get more information.  It is said that a trade show participant has just two seconds to catch the attention of someone passing by, so the display must be unique. 

This is a networking event and marketing is what it is all about.  Some displays will be basic and to the point but others will be elaborate with banners, video presentations, pop up stands, special flooring and podiums.  There can also be tents, gazebos and modular exhibition stands with interchangeable graphic panels. All this is done to attract people to the area to find out more about the new product. 

Shopping with Discount Codes

Posted by admin on Apr 10, 2010 in Budgeting | 0 comments

A tip that all online shoppers need to know is how to use discount codes. It is something that will change the way you shop. Many stores have codes available that can be used to get a discount on your online purchase. This can be a percentage off, a free item or even free shipping. Before making your next online purchase it is important to know how to look for these codes!

A great way to find these codes is to use a search engine. Do a search for that particular store and the word coupon or discount. This should pull many sites that will have lists of codes available for that site. Many of these sites will give the success rate of that particular code and list when it expires. You simply copy the code and paste it in the code box area of the checkout page for the site in which you are shopping.

Another way to receive discount codes is to sign up online with that particular retailer. By doing this you will receive newsletters and sales via email. Many of these emails will give codes that will save you money on your next purchase. Finding discount codes only takes a few minutes and will save you money!

Five Ways to Cut Your Costs

Posted by admin on Mar 3, 2009 in Budgeting | 0 comments

Cutting costs within the budget is often necessary when a consumer is trying to create a budget that balances. There are places within every budget that money can be cut – regardless of how tight the budget. Here are some ways that you can know what you are looking for when you are seeking to tighten your budget.

1.      Stop eating out. Eating at restaurants is a large expense – especially if you are feeding a family. Shopping once per week at the grocery store can enable you to save this money and find money to create a savings account within the budget.

2.      Find a cheaper home. A cheaper home is a great way to save money through the month. Whether you can decrease the cost of your mortgage payment or reduce the cost of your rental by downgrading – this money can be saved within the budget.

3.      Cut your extras. Are you using any funds to purchase items or services that you do not need? Do you really need the extra package of channels or the package on your cell phone? Cutting these costs could save you each month!

4.      Bundle your services. When you take advantage of bundled service with cable and phone companies you can save up to fifteen percent from the bill each month!

5.      Repay your debt quicker. It is important for consumers to know that the quicker debt is repaid, the quicker they stop paying interest. This can save you hundreds if you repay your debt quicker.