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  • FIRST POST
    • MSE William
    • By MSE William 5th Dec 17, 5:30 PM
    • 63Posts
    • 37Thanks
    MSE William
    This isnít your typical DFW threadÖ
    • #1
    • 5th Dec 17, 5:30 PM
    This isnít your typical DFW threadÖ 5th Dec 17 at 5:30 PM
    If youíve ever had problem debt, we'd like to hear your thoughts on this proposal for breathing spaceÖ

    The Government is asking for views on bringing in a 6-week long breathing space period for people with problem debt in England (and possibly in Wales and Northern Ireland too). A similar scheme already exists in Scotland.

    Breathing space would give people in financial crisis a temporary break from interest, charges and enforcement action. It could apply to all pre-existing debts, helping people to get back on their feet and regain control of their financial situation (for example, after they've lost their job or been off work sick).

    The Government is also asking for views about creating a statutory debt repayment plan. This would extend the protections mentioned above for those who can pay back their debts in a reasonable time and at an affordable rate.

    For more info see the MSE news story.

    Please let us know what you think about the questions below. We hope to share some of your experiences in our formal response to the Government.

    If you've been affected by problem debt...
    • Would a breathing space period would have helped?
    • Would 6 weeks have been long enough?
    • Would a statutory debt repayment plan, with all your debts included, have helped?
    • Forumites in Scotland: Have you ever used the Scottish Debt Arrangement Scheme? What was your experience?
    Last edited by MSE William; 05-12-2017 at 5:46 PM.

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Page 1
    • sourcrates
    • By sourcrates 5th Dec 17, 7:40 PM
    • 12,652 Posts
    • 11,982 Thanks
    sourcrates
    • #2
    • 5th Dec 17, 7:40 PM
    • #2
    • 5th Dec 17, 7:40 PM
    In my case 6 weeks wouldn’t of made any difference as insolvency was the only way to get rid of nearly 160k of debt (inc mortgage from repossession)) but in more normal circumstances it would be a help, however I would like to see it extended to at least 6 months because by the time people ask for help, they have already eroded every other avenue, and will be behind on most household bills, as well as credit debts.

    You need time to get back on track with utility bills etc, before you can even think about sorting the credit debts.

    A statutory repayment plan is a great idea, but it must be administered by either the government, or the debt charities, certainly not the private sector, debt management companies should be outlawed, and all debt remedies should only be able to be administered by the government and/or the debt charities.

    Fee charging debt management companies need to be completely eradicated and government should legislate to make this happen.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • baggybreeches
    • By baggybreeches 6th Dec 17, 9:07 AM
    • 39 Posts
    • 119 Thanks
    baggybreeches
    • #3
    • 6th Dec 17, 9:07 AM
    • #3
    • 6th Dec 17, 9:07 AM
    I think the 6 week breathing space is a good step in the right direction, however, I think there needs to be conditions attached.
    Speaking from personal experience the 6 weeks must be used for positive action in dealing with issue, not as an extension of ignoring the problem.
    • kindofagilr
    • By kindofagilr 6th Dec 17, 1:10 PM
    • 6,089 Posts
    • 20,434 Thanks
    kindofagilr
    • #4
    • 6th Dec 17, 1:10 PM
    • #4
    • 6th Dec 17, 1:10 PM
    If you've been affected by problem debt...
    • Would a breathing space period would have helped?
    • Would 6 weeks have been long enough?
    • Would a statutory debt repayment plan, with all your debts included, have helped?
    • Forumites in Scotland: Have you ever used the Scottish Debt Arrangement Scheme? What was your experience?
    Yes the 6 weeks would have helped, back at the start of our journey we had DD's bouncing and charges left right and centre, had we had the 6 week thing it would have been easier for us to get back on our feet.


    We managed to sort it by selling a load of stuff on ebay to pay all the charges etc


    Then managed to sort our budget out
    POAMAYC 2018 #87 PD £0.00/£12,000
    POAMAYC 2017 #87 PD £10,380.18/£10,000
    POAMAYC 2016 #87 PD £7454.80/£7000


    Mortgage (Start Date 01/04/09 ~ 30 year term, due to end 01/07/39)
    £104,409/£86,057.00 (as of 31/08/17) ~ 17.57% Paid

    Survey Money 2017/£107.00 ~ 2018/£0.00

    My Debt Free Diary (Link)
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