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Commercial Credit News
|MAS comment on MP Kelly Tolhurst’s breathing space scheme private members bill.|
|Friday, 21 October 2016|
|Colin Kinloch, Debt Policy Manager for the Money Advice Service comments on the need for breathing space for people in debt: “It is vital that people in debt have time to get advice and find an appropriate solution without unnecessary pressure from their creditors. We need a consistent process that looks at people’s financial situation as a whole and this bill is a good start. We’ve seen the potential for breathing space in Scotland where the Debt Arrangement Scheme (DAS) provides people with the time and space to get adequate support in dealing with their finances. We acknowledge the importance of statutory breathing space within the UK Financial Capability Strategy and we will continue to work with honourable members, HM Treasury, the Insolvency Service and organisations across the debt sector to ensure people in debt, across the UK, have the support they need."|
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