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BBC Essex Drivetime with Dave Monk, 6pm 30/4/19 - Listen 10 mins

Tuesday, 30th April 2019

Mike ThomasHow to listen

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Mike Thomas was in the studio with Chris Berrow (deputising for Dave Monk) just after 6pm to comment on the latest set of consumer insolvencies released earlier today.

Mike starts off with explaining what debt options a consumer has and which ones are classed as insolvency. Mike then raises the point that people just don't decided to go bankrupt or propose an IVA or DRO as soon as they experience a debt problem, for some the trigger for their financial woes could have started several years ago.

Then Mike reveals the average cost to the taxpayer to administer a straightforward consumer bankruptcy and explain how a bankrupt is assessed to see if they can afford to pay something each month towards the bankruptcy costs with any surplus going to the creditors in the insolvency.

Chris was surprised to hear that you no longer need to go to court to petition your own bankruptcy when Mike explains the new process of applying online and goes through the good and bad points of the changes. Then it's the cost when to go bankrupt in England & Wales compared to those residents in Scotland, the difference if startling!

The interview closes with Mike going through the qualifying criteria for a Debt Relief Order (DRO) 

Read article - Consumer insolvencies reach highest Q since 2010

Twitter @BBCEssex /  @DJChrisBerrow  / @debtwizard

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