UK Eyes New Debt Repayment Plan For Financially Hard-Hit
By Joel Poultney (May 10, 2022, 2:35 PM BST) -- The government has floated proposals for a new consumer debt repayment program to help protect people struggling financially amid a growing number of personal insolvencies.
John Glen, the economic secretary to the Treasury, wants responses from the sector on its Statutory Debt Repayment Plan, which the government announced on Monday. The program will include new payment schedules and help shield distressed households from enforcement action by creditors.
Other measures set out by government include a ban on creditors being able to contact a debtor involved in the scheme and halting fees. The measures will also ban creditors from imposing additional interest...
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