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.

Cash loans are really easy, really flexible options for you to get money to last between pay periods, or as a means to get a quick infusion of cash into a tired, dilapidated account. How you spend the money i9s usually going to be completely u[p to you – this means if you have some bills to pay but still have enough left over to pick up something nice for yourself, please feel free. If you want to spend it on multiple bills, you can. If you want to use it for a vacation to forget your troubles, that is fine as well. The options are yours.

There are lots of different providers for you to look at when you are considering cash loans. Luckily, most of them will have websites or pages that describe the offers so research and comparison shopping is much easier on you. Once you find a few providers to compare, you will be able to more easily find a deal that will give you the money you want at the best possible terms.

Unfortunately, this specific approach is not always viable. Not everybody has the means to access a pawnbroker, and tracking down one that will in fact pay you in a fair manner is not that easy. One other challenge is that a good number of individuals simply cannot or are not ready to risk losing any valuable goods while little things most of the time won’t be worth the effort. Even further, in financially demanding times pawnshops tend to value down lots of items that will fetch consiberably more money in a blooming economy determined by full employment.

A large number of people point out that taking up provisional or short-term work is the ultimate way to earn further money. This is often an optimal answer to the problem considering the fact that it implies that you are able to get hold of ready money without being required to loan it, on the other hand this approach is actually not free of problems. Obtaining jobs and being paid typically will take more time than you’ll be able to afford to wait for if you’re able to accomplish the task. It can also require a lifetime to earn a satisfactory amount of money. Thus, whenever temporary assignments as well as pawnbrokers don’t assist you in accomplishing your target, you are usually best advised to turn to no-hassle payday cash advances as a substitute.

For a very large number of people, the threat of debt repayments getting out of control is a very scary prospect. Since the recession that started in this country in 2008, the amount of debt people are in has grown too, along with the amount of people who need advice on the issue of money. Luckily for these people, there are a number of companies who make it easier for money troubles to be reflected upon, and then sorted out.

One of these companies is Gregory Pennington, which employs a number of financial experts to give advice to people whose finances are in or are close to getting near the red. Expert help really could mean that a lot of people find it much easier to write off their debts, reducing the stress from this area of their lives. Advice can be given on all types of debt, so whatever the problem is it is very likely that Gregory Pennington will be able to help.

Gregory Pennington offers a number of services, including debt consolidation. This means putting all your debts into one affordable monthly repayment, making it much easier to get debts to creditors sorted out quickly. It also means that the person in debt will only be paying off what they need to pay, because Gregory Pennington also has a service where the interest and charges that are often imposed can be frozen or cleared completely. This means that those in debt will not have to worry about this, and that they will never be asked to pay off more than they can afford.

There is no fee offered for the service that Gregory Pennington provides, and it could take as little as one call or a couple of minutes for a repayment plan to be discussed and set up. Gregory Pennington’s website is http://gregorypennington.com

After you’ve gotten a complete list, the next step will be to combine your total income and a list of all of your monthly expenditures. Your expenses will include payments such as a rent or mortgage, auto payment, auto insurance costs, utility payments and other living expenses.

An agent with the organization will then help you to determine the maximum payment amount that you can afford to make each month. In some cases, the agent will also attempt to have your interest either excluded or lowered during the time of the repayment plan. And, may even get your balance lowered.

When all the details have been agreed upon and settled, your obligation will be to send the set amount to the debt management company on time each month. You will no longer need to worry about making numerous payments, the organization will take care of that for you.