An administration order is a debt solution that goes through a local county court and is for people who have
In an Administration Order you pay the court a weekly, monthly or quarterly payment from your income. The court then distributes the payments to your creditors according to the portion of debt they are owed. The court also takes their fee from the payment which can't be more than 10% of the debt.
You can apply for an Administration Order by completing an N92 form (Application for an Administration Order) . You can obtain this from your local court office or online.
You must list all your personal details, employment details, income, expenses and list all of your debts on the form. If you have joint debts with a partner, you must fill out your forms separately and both include the full list of debts on both forms.
The amount you pay depends on what the court decides you can afford. Your payment will be worked out from analysing your N92 form. If you feel you cannot afford to pay the amount asked for in the order, maybe due to a circumstantial change you can ask the court to review the order and reduce the payments. An Administration Order will continue until the Debt is paid off in full. Details of your Administration Order will remain on your credit reference file for a period of six years from the date of the Administration Order.
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On our site you will find information on debt solutions, both formal and informal. We provide this information so you have a clear overview of the options available for dealing with your debts. We do not offer informal debt solutions, so if an insolvency solution is not your recommended course of action, with your permission, we will refer you to an appropriate agency/provider that can assist you further.
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Read more...Use our debt calculator to work out what you can afford to pay towards your debts.
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