News

NEWS ITEM 1

The LEGALITUM brand website and CMS systems were all acquired by ‘Debt Recoveries’ for an undisclosed sum and the business has now successfully completed its move into its prestigious new offices in the business district in the heart of Chester, Cheshire.

NEWS ITEM 2

The Government plans to change the eligibility criteria for a Debt Relief Order to enable people with small pensions to be able to apply for this low cost debt solution.

Insolvency practitioners had complained the existing eligibility criteria excluded individuals who had built up a small pension. A recent survey showed over 95% of people were excluded because of their pension and of those around 75% had a pension pot of under £5000.

DRO’s were introduced as a low cost alternative to bankruptcy aimed at those with debts of less than £15,000 and with assets of less than £300 (up to £1k if they owned a car) and less than £50 surplus income a month.

NEWS ITEM 3

The Government have now backed down on suggested changes to the Civil Law Reform Bill – to a chorus of relief in the credit industry. The proposed reform was to half the period in which civil debts can be collected from 6 years to just 3 years.

This could well have seen businesses forced to write off millions of pounds of bad debts.