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Pros and Cons of CCAO's
Advantages:
• None of the creditors listed on the administration order application can take further action against you without the court’s permission.
• The court deals with the creditors and distributes the payments for you.
• Interest and other charges are stopped.
• There is no up-front fee – the court takes 10p in every £1paid in.
• You can apply to make payments for a time-limited period such as three years using a ‘composition order’.
• If your circumstances get worse, then you can apply to the court to make reduced payments.
• You may be able to continue running any business you have.
Disadvantages:
• Creditors can make objections to the court and ask to be left out of the order (although the court may not agree to this).
• If you do not maintain your payments the order can be revoked and the creditors can pursue you again.
• If the court makes an attachment of earnings order, your employer will become aware of your financial difficulties.