Home > News > Debt advice

More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Debt: borrowers to get 30 days` `breathing space`

09/04/2009

Debt collectors have agreed to give struggling borrowers 30 days of `breathing space` before action can be taken, the BBC reports.

The agreement will come into effect by the end of May, and will ensure that debt collectors do not pursue borrowers until at least 30 days after they have been told that a debt adviser is on the case.

According to the BBC, the aim of the agreement is to give struggling borrowers time to seek debt advice and negotiate terms to allow them to repay their debts.

Consumer Minister Gareth Thomas said: "This new 30-day rule will give people a breathing space to help them take control of their finances as well as encourage them to seek help from debt advisers."

A spokesperson for Debt Advisers Direct commented: "Debt problems very rarely have to end in court action. There are a number of things that borrowers can do to tackle their debts, and a professional debt adviser can offer guidance on the best way to do that."

---

Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according