Choosing between a Debt Relief Order (DRO) and other debt solutions is often a pretty easy choice! Let's look at when a DRO is a good option for you and what the alternatives might be. Debt Relief Orders DROs are a form of insolvency in England, Wales and Northern Ireland. For an overview of DROs, read What is a Debt Relief Order? They are meant for people who have little or no spare income … [Read more...]
DMP articles
This page and the following ones list all Debt Camel articles about Debt Management Plans in date order, starting with the most recent.
A good starting point is What is a Debt Management Plan (DMP)?
That has links to the most important articles, covering DMP advantages and disadvantages, the different ways you can set one up, things that can happen in a DMP and how to decide if one is the right option for you.
DMPs can be useful if you have a temporary financial problem for a few months or a year or two, or as a long term way of clearing your debts, but you need to be wary of DMPs that will go on for too long.
Informal or formal arrangement with my creditors?
What is the difference between a formal and an informal arrangement with my creditors? a reader asked. This post looks at what the alternatives are and how to decide which is better for you. If you pull on a pair of jeans and a T-shirt, then it's easy enough to add a jumper if it gets chilly or switch to old trainers if your new shoes are rubbing. But you need to plan formal dress more … [Read more...]