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Many struggling consumers 'opting for debt relief orders'
Debt relief orders appear to have proven popular among a number of the UK's struggling consumers in recent times, it has been noted.
Such products may be used as an option for people in place of bankruptcy, R3 president Steven Law has suggested, following the publication of recent figures relating to the country's insolvency rate.
He stated: "Debtors are opting for the alternatives to bankruptcy (IVAs and DROs), perhaps put off by the stigma and initial cost involved."
However, those currently having to consider measures like debt consolidation might be interested to hear that the expert feels latent debt problems also exist in the UK.
This is because large numbers of debtors have not taken any action to address their financial problems.
Figures published by the Insolvency Service have also revealed insolvency trends for the year's second quarter.
The organisation suggested that 34,743 cases were seen in England and Wales.