People who are suffering from problem debt could be granted a six-week grace period to get their finances back on track, under new plans being considered by the Treasury.
Under the plans, those plagued with excessive household debt would be exempt from further interest, charges and enforcement action for a period of six weeks, which the Treasury is describing as breathing space.
That would give those affected them the opportunity to seek financial advice on how to manage and relieve their debt burden, which may include coming up with informal repayment plans or debt write-off options.
For many people in the UK problem debt seems impossible to escape. Its effects can be far-reaching, impacting all aspects of a perso…
Read the full article at: http://www.independent.co.uk/news/business/news/problem-debt-uk-treasury-six-week-breathing-space-chancellor-lenders-a8016506.html
