What are the disadvantages of orderliness
Answers
Answered by
2
is this your answer
pls mark brainliest
Administration Order Disadvantages
It is important to understand that as well as benefits an Administration Order can also have some disadvantages. Before making a decision to apply for this debt solution you need to understand these in the context of your circumstances.
1. Your total debt must be less than £5000
If your debt is more than £5000 you will not be eligible to apply for an Administration Order. In addition one of your debts must be subject to a County Court or High Court Judgment which you are unable to pay in full
2. You must make payments towards your debts
The court will review your income and living expenditure budget and ask for proof of the figures you provide (normally in the form of wage slips and bank statements). They will then ask you to pay all of your disposable income towards your debt each month for up to three years.
You must keep up your repayments or the court can take money from your wages (known as an ‘attachment of earnings order’) or cancel the arrangement.
3. Any valuable Possessions may have to be sold.
If you own a car or other large items, the court may expect you to sell them to pay off some of your debt. They may also expect you to use any savings you have to pay your creditors too.
Your state and personal pensions will not be affected by an administration order.
4. Your details are recorded on a Public Register
Your administration order is added to the Register of Judgments, Orders and Fines. It is usually removed 6 years after the date the order was made. Your entry is marked as ‘satisfied’ if you repay your debts in full
pls mark brainliest
Administration Order Disadvantages
It is important to understand that as well as benefits an Administration Order can also have some disadvantages. Before making a decision to apply for this debt solution you need to understand these in the context of your circumstances.
1. Your total debt must be less than £5000
If your debt is more than £5000 you will not be eligible to apply for an Administration Order. In addition one of your debts must be subject to a County Court or High Court Judgment which you are unable to pay in full
2. You must make payments towards your debts
The court will review your income and living expenditure budget and ask for proof of the figures you provide (normally in the form of wage slips and bank statements). They will then ask you to pay all of your disposable income towards your debt each month for up to three years.
You must keep up your repayments or the court can take money from your wages (known as an ‘attachment of earnings order’) or cancel the arrangement.
3. Any valuable Possessions may have to be sold.
If you own a car or other large items, the court may expect you to sell them to pay off some of your debt. They may also expect you to use any savings you have to pay your creditors too.
Your state and personal pensions will not be affected by an administration order.
4. Your details are recorded on a Public Register
Your administration order is added to the Register of Judgments, Orders and Fines. It is usually removed 6 years after the date the order was made. Your entry is marked as ‘satisfied’ if you repay your debts in full
Similar questions