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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`

Northern Ireland: legislation to give debtors more protection

25/03/2010

Borrowers in Northern Ireland who have no realistic hope of repaying the debts they owe are to receive more help under a new Government Bill, Enterprise Minister Arlene Foster has said.

The Belfast Telegraph reports that the Debt Relief Bill will `protect debtors from action by their creditors for a year, at the end of which their liability to pay the debts will be cancelled.`

The scheme is intended to be a `streamlined affair` for people with moderate levels of debt but little in the way of assets (such as property) or extra income.

Ms. Foster said: "Cancellation of his or her debts will give the debtor hope. It will give him the chance to start a new chapter in his life free from the stigma of being burdened by debts; it will achieve his financial rehabilitation.

"The making of a debt recovery order will amount to nothing more than formal recognition that the debtor cannot pay and that there is therefore no point in creditors pressing or hounding him for payment."

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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