In his speech on Monday Chancellor of the Exchequer Philip Hammond announced there would be targeted support for people repaying debts to help them take control of their finances.
But further analysis of the Budget papers revealed the Government wants to increase breathing space given for people in debt. This will provide a 60-day period of protection from creditor action to help them plan and repay in a manageable way.
It is also introducing a pilot project to provide zero interest loans, which will start early next year. And it has announced 55 million, to be taken from dormant bank accounts, to be deployed by a new independent body to help people access affordable credit.
Encouraging people to seek help
Read the full article at: https://www.themoneypages.com/debt/support-package-help-people-debt/