Debtors may be given ‘breathing space’
24 October 2017: The government proposes new plans where, for a period of time, debtors would be exempt from further interest, charges and enforcement action. The plans were first announced by the government in this year’s manifesto in order to give debtors the chance to seek advice.
Causes of debt can range from the sudden loss of employment to a more gradual dependence on debt to make ends meet, with many people waiting 12 months or more before seeking help.
The government is to meet key industry representatives from charities, debt advice organisations, lenders and creditors in order to gather views. Members of the public, particularly those affected by the issue, are also being asked for their views. They aim to have a draft bill ready by the end of next year or by 2019 at the latest.
In the meantime, if you have debts that are spiralling, BRI’s team of experts are always happy to help. Please contact any one of the management team for confidential, impartial and no obligation advice.