‘Debt Relief Orders’ offer homeowners new hope

 

Sunday 12th April 2009

Property of the Week from Property Mentor Workshop
Property of the Week from Property Mentor Workshop
Area – London

Property type – Apartment

Number of Bedrooms – 4

Length on Market – 12 months

Valuation – £270,000

Bought – £200,000

Positive Cash Flow – £1,000 per Month

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What is a ‘Debt Relief Order’?

Considered to be the new alternative to bankruptcy, anyone owing under £15,000 in debt – whilst living on a minimal surplus income – could now classify for a Debt Relief Order. A scheme that has been greatly welcomed by the Citizens Advice Bureau.

Under this new scheme, lenders and creditors must wait a period of 30 days before trying to collect these debts, to give homeowners the time they need to find the assistance they need.

What has inspired this new scheme?

According to a report released by Citizens Advice Bureau (CAB), most homeowners looking for help to pay off their debt will never be able to do so during their own lifetime.

On average, a typical homeowner would need 93 years to pay off a £16,971 loan – a timeframe that unfortunately cannot be shortened for some due to low incomes, illness, disabilities or job loss.

In a survey taken amongst 1,407 people in England and Wales during July 2008, the CAB found of this number:


    The average CAB client owed two-thirds more than 7 years ago
    50% had debts consisting of mortgage repayments, rent, fuel bills or council tax
    10% had more than 10 credit debts i.e. credit cards, overdrafts and personal loans

 

Offer your finances increased security

If you would like to protect your finances from entering this kind of situation or would generally like to improve your monthly cash flow, at Property Mentor they can help.

Using little, if any, of your own money they can teach you how to invest in buy-to-let properties and begin earning a positive cashflow of £500 per property, per month. Whatever your financial situation, at Property Mentor they can offer you 8 simple investment strategies that will enable you to make these financial worries a topic of the past, plus give you the freedom you deserve.

Interested in learning more about how property investment can offer your finances increased security and free you from debt? Why not try the 2 hour taster session and let these statistics become an asset that will keep on working for your property portfolio for many years to come.
 

Click here to book your free Property Mentor Taster Session

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