Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
HM’s Treasury this week made a potentially life changing announcement to those who suffer from debt/negative equity issues. From 2021, people struggling with serious debts are too benefit from a new two month “breathing space” scheme during which they cannot be hassled by debt collectors and bailiffs.
The scheme will cover a variety of debts, including arrears owed to central and local government. This means that in addition to debts from creditors, payments on council tax arrears, personal tax debts, and benefit over-payments will be frozen for this time period. During this time, individuals with problem debt will need to engage with professional debt advisers, in order to find a long-term solution to the matter, and to get back on track with their payments.
People who find themselves caught up in Debt problems have often felt too embarrassed or ashamed to ask for help. However, in recent years there has been a gradual shift to reverse this, record numbers of people have been seeking debt help, the debt charity StepChange revealed in April this year. They were contacted by a whopping 657,000 people in 2018, which was up 6% from 2017.
Although this legislation is a step in the right direction it will not come into practice until early 2021. Why sit back and wait two years, allowing your debt to spiral even more out of control? Take action today.
Since 2010, we at GDP Equity experts take pride in the fact we have been able to help 100s of families and individuals deal with their debt related issues.
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