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An Administration Order is an order by the courts covering all of your outstanding debts whereby you make regular payments to the court towards your debts and the court will distribute those payments on a pro-rata basis to each of your creditors.
In order to be eligible to apply from an Administration Order you must meet the following criteria:
During the course of the Administration Order the court will take 10% of your payments as a handling fee, which is deducted from your monthly payments. It is the court that decides how much the debtor can pay and over what period of time. Once these sums are paid, even if the amount is less than the sum owed, the debtor is discharged from his debts to the creditors covered by the order.
If you do not keep up with your repayments, the court can revoke the order and your creditors will pursue you for the full amount owed to them. If you feel you cannot afford to pay the amount requested of you, you can ask the court to reduce your payments.
If you are struggling with your debts and want advice on what solutions may be available, call Bridgewood's team of Senior Financial Consultants today.
The initial advice we give is completely free and without obligation. Where appropriate solutions exist we will explain the pros and cons of each, including any fees that will be involved, and help you make an informed choice about what solution is right for you.