MSE News: MSE calls on the Government to give people in debt crisis REAL...

Former_MSE_Callum

People struggling with serious debt should be given a grace period of a year before being hit with interest, charges and enforcement action, MoneySavingExpert.com has told the Treasury...

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'MSE calls on the Government to give people in debt crisis REAL 'breathing space''

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Jezzamk

Whilst I have some sympathy for people in debt and the need to help them recover, it can be bad if you are owed money.

I paid a large deposit for block paving. After 9 months of excuses I resorted the small claims court to recover my money. After about another 4 months of excuses I resorted to appointing bailiffs.

Why should I be told to wait even longer before being able to take action. I couldn't afford to get somebody else in as I had already given the money to a builder who had used my deposit to pay off other debts.

It took 18 months from paying the deposit to getting my money back. Had he been given another year I suspect he would have declared himself bankrupt or disappeared.

I have learn't my lesson. If they want a deposit of more than about £100 I will not use them.

Ectophile

I can see a lot of small businesses being hit by this. If the customer hits financial difficulties, then they are forced to give that customer a year's interest-free and payment-free credit.