Who is an Administration Order suitable for?
An Administration Order may be an appropriate solution for you if you owe less than £5,000 in total and you have received a County Court Judgement.
How does an Administration Order work?
The first step in an Administration Order is to make an application to the court. (For information on how to do this, contact your local CAB - www.nacab.org.uk has contact details for all bureaux.) You will need to show that you are unable to pay your debts and that you have a County Court Judgement against you.
The court will make an order based upon what you can afford. It will state the amount you are to pay each month and the period that the arrangement will last. Often the court states that you must make the payments until your debts are cleared in full although you may only pay back a percentage. The order may also state that the amount you repay each month is reviewed from time to time.
Monthly payments are made to the court and then distributed to your creditors.
Advantages of an Administration Order:
You only have to make one monthly payment.The payment you make is based on what you can afford.Once the order is in place your creditors cannot take any action against you.
The court charges you for this service - the fee may be anything up to 10% of your total debt and is taken before payments to your creditors are made.If you miss a payment the arrangement may fail.You can only apply for an order if you owe less than £5,000 and have a County Court Judgement.
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