In Focus Consumer Credit
regulators, creditors and the advice sector: l The introduction of a formal cross- government strategy to reduce problem debt, bringing together the relevant government departments, agencies and regulators into a single, coherent approach. l Ensuring that the government’s planned ‘Breathing Space’ scheme provides protections for people seeking advice from all types of creditors. l Further action from the Financial Conduct Authority on persistent credit-card debt, unauthorised overdrafts, and extending its payday loan cost cap to other forms of high-cost credit. The report presents trends and
recommendations relating to different types of debt – including consumer credit, rent and mortgage arrears, council tax debts, energy, water and telecoms arrears and benefit and tax credit overpayments. We need to change how we think about problem debt in the UK. Ten years ago a
typical caller was struggling to pay credit cards and personal loans. Today, callers are struggling with smaller
There is some good news with the creation of the new Single Financial Guidance Body, plans for a statutory Breathing Space scheme and a renewed focus from creditors on supporting people in vulnerable circumstances
but trickier debts, usually on everyday household bills – and often caused by ‘broken budgets’, where the money coming in is simply not enough to cover their essential spending. The government, regulators, creditors,
and the advice sector need to work together to tackle these new realities. There is some good news with the creation
of the new Single Financial Guidance Body, plans for a statutory Breathing Space scheme and a renewed focus from creditors on supporting people in vulnerable circumstances. With debt problems still changing and
growing, there is more to do – including a new formal cross-government strategy to reduce problem debt, which brings together different strands of work into a single, coherent approach. CCR
At Collect My Debt Limited we are able to collect any business-to-business related debt. Our main focus is to collect debts in full or put a sensible payment arrangement in place within 7 days of receiving your instruction. Collect My Debt do not charge any administration or up-front costs for implementing this type of service. There are sliding scales of commissions deducted from any monies collected:
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of business-to-business debts are
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of business-to-business debts are
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Available 24/7 Across 365 Days Tel: 0800 612 5161 Email:
info@collectmydebt.co.uk Web:
www.collectmydebt.co.uk
October 2018
www.CCRMagazine.com
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