UK's problem debtors to get 60-day 'breathing space' to seek help from Adviser's
HM’s Treasury this week made a potentially life changing announcement to those who suffer from debt/negative equity issues. From 2021, people struggling with serious debts are to benefit from a new two month “breathing space” scheme during which they cannot be hassled by debt collectors and bailiffs.
The scheme will cover a variety of debts, including arrears owed to central and local government. This means that in addition to debts from creditors, payments on council tax arrears, personal tax debts, and benefit over-payments will be frozen for this time period. During this time, individuals with problem debt will need to engage with professional debt advisers, in order to find a long-term solution to the matter and to get back on track with their payments.
What should I do now?
People who find themselves caught up in Debt problems have often felt too embarrassed or ashamed to ask for help. However, in recent years there has been a gradual shift to reserve this, record numbers of people have been seeking debt help, the debt charity StepChange revealed in April this year. They were contacted by a whopping 657,000 people in 2018, which was up 6% from 2017.
Although this legislation is a step in the right direction it will not come into practice until early 2021. Why sit back and wait two years, allowing your debt to spiral even more out of control? Take action today, beat the inevitable rush and sort out your debt today by coming in to see one of our specialist team. I promise you won’t regret it!
What do we do?
Since 2010, we at GDP Equity experts take pride in the fact we have been able to help hundreds of families and individuals deal with their debt related issues.
Our proven track record here at GDP Equity experts speaks for itself. We take pride in our first-class advice and assistance that we offer to our clients. We will work closely with you from the very start of the process as we know what is expected and how to get you to where you want to go.
It is quite simple; we WANT to hear from you today because we WANT to help you today.