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Government consults on debt grace period - UK's biggest personal insolvency practice comments PDF Print E-mail
Wednesday, 25 October 2017
“It's reassuring to see that the issue of personal debt is being addressed by the Government and overall, we welcome this news. We help thousands of individuals each year that become trapped in a cycle of debt and understand the support that they need during these difficult times.  

Our most recent quarterly Personal Debt Index, a survey of over 60,000 customers across the UK, found that 86% of people seeking help with their personal finances held debt on a credit card or store card - 68% also admitted their debt had spiralled out of control as a result of a life event.

73% of our customers surveyed said that their debt had also an impact on their mental health. At a time when the topic of mental health is commonly discussed in the media, it's vitally important we're doing all we can do to support those struggling. By offering a grace period, it could allow these vulnerable people time to think and get their finances in order, regaining control, both financially and emotionally, before things spiral even further.”

Pearse Flynn, executive chairman at Creditfix
 

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