An Administration order is provided by the County Court and is there to help you deal with small debts. To qualify you must live in England or Wales, have two or more debts totalling less than £5000 and at least one of your dents must be subject to a court judgement.
If you are not resident of England or Wales and live in Scotland or Northern Ireland, there are other debt solution options available.
A court judgement could be a County Court Judgement (CCJ); a High Court Judgement (HCJ) or a Magistrates Court Judgement (MCJ).
The advantages of an Administration Order are as follows:
- If you are granted an Administration Order, your creditors have to stop all interest and charges
- Your creditors may no longer deal with you but have to deal directly with the court.
- Repayments are not subject to a minimum period or a maximum period.
- Your debts could be totally written off if you were granted a Composition Order.
The disadvantages of an Administration Order are as follows:
- As an Administration Order is arranged through the courts it is held on public record for 6 years.
- The court may take legal action against you if you do not keep up to your payments or fail to comply with the terms of your Administration Order.
If you are worried about your debts and unsure which is the best solution for your individual financial circumstances, contact Fresh Start UK Ltd now on 0800 92 472 44. Our experienced and expert team of staff will advise you on all available options and, together, we can agree on the best course of action for dealing with your debt. Initial advice is free and there is no obligation for you to proceed with us.