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Advice NI has said Northern Ireland must follow new Debt Relief Orders (DROs) rules applied this week in England and Wales – transformative measures for those facing the burden of debt. In his spring budget, the Chancellor announced the removal of the £90 administration fee associated with Debt Relief Orders (DROs) and increased the maximum debt threshold from £30,000 to £50,000 – whilst also increasing the allowable value of retained motor vehicles from £2,000 to £4,000 - across England and Wales.

With sole traders and small businesses struggling due to lower consumer spending, higher rates and other overheads, higher wage costs and the looming Brexit uncertainty, saving may seem like an extravagance that many just cannot afford.