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 takes a fee from each payment as a handling fee, which cannot be more than 10% of your debt. It is up to the court to decide:
The arrangement is known as a ‘composition order’ if you can’t pay all your debts
You apply by filling in form N92 that you can get from your local court office
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 apply to the court and ask them to reduce your payments.
If your debt is paid off in full, you can obtain a “Certificate of Satisfaction” from the court. There is a fee of £15 for this certificate.
Registered in England & Wales Company No. 07352110 l Registered Office: Archer House l Britland l Northbourne Road l Eastbourne l East Sussex l BN22 8PW l debtrescue and the debtrescue logo are all trading styles of Debt Rescue Limited which is authorised and regulated by the Financial Conduct Authority l Licence No. 639163