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Government to act on breathing space for those with debts

Tuesday, 24th October 2017

The government is to open consultation on giving people with problem debt breathing space from contact with their creditors, it will become law in 2019.

The current proposals are calling for a six-week moratorium making those resident in England, Wales and Northern Ireland being exempt from further interest, charges and enforcement action if they have unmanageable debt whilst they seek help and advice. The period is aimed at giving a borrower enough time to seek  identify his/her debt options/solutions. Scotland will be excluded as they already have a similar arrangement in place.

The proposals will also consider improving the level of legal protection for a borrower once a recognised debt repayment plan is in place.

Your debt options

Whatever the reason for the problem, you need to understand what help is available if you are financially strapped. We have detailed below the six options available to you when debt problems arise, all these options, except for No.3 where you pay creditors in full, will affect your credit rating.

We also have our very own easy to read debt solutions table. This chart illustrates a summary of possible debt solutions, you can compare the options available to you. We detail which options freezes interest and those that can stop the creditors chasing you for the debts!

Not all will apply, it depends on your level of debt, your assets and how much spare money you have after paying essential bills.

REMEMBER, it is not a crime to be in debt - always insist that you are treated with respect.

Debt Solutions Explained & Debt Solutions Comparison Table

Breathing space consultation

Summary - Seeking further views and information on how best to design a six-week breathing space scheme for individuals in debt. This consultation closes at 11:59pm on 16 January 2018, more on the link below.

Open consultation - Breathing space: call for evidence

 

Giving debtors breathing space is not something new so don’t be fooled

Mike Thomas has added a blog re this, you can read it here Giving debtors breathing space is not something new so don’t be fooled

 

 

 

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