Enforcement Restriction Order (ERO)
An Enforcement Restriction Order (ERO) is new and is designed to help debtors that have experienced an unforeseen change in their circumstances. This is not yet available as it is in its consultation process.
Here Mike explains in his article the current position that is available to debtors and secondly the key points of the proposed ERO. Click here to view the ERO article.
DW Comment
This could prove to be a very piece of helpful legislation once it comes in to force as I know from experience this will stop a lot of individuals from getting further into debt through an unforeseen circumstance. In the past too many creditors have been unhelpful to the debtor's request for help when they experience an unforeseen problem now all the debtor will need to do is apply to the Court for protection. It is envisaged that the debtor will then get back on his/her feet and resume normal payments upon the expiry or no longer necessity of the order. It will be interesting to find out whether such an order would put a blight on the debtor's credit file.