UK eyes new debt repayment plan for those hard hit financially

By Joel Poultney (May 10, 2022, 2:35 p.m. BST) – The government has launched proposals for a new consumer debt repayment scheme to help protect people in financial difficulty from a growing number of personal insolvencies.

John Glen, the Treasury’s economic secretary, wants answers from the sector on his statutory debt repayment plan, which the government announced on Monday. The program will include new payment schedules and help protect struggling households from enforcement action by creditors.

Other measures planned by the government include banning creditors from contacting a debtor involved in the scheme and stopping charges. The measures will also prohibit creditors from charging additional interest…

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