By Rob Aberdein
Following on from the recent budget, HM Treasury has published a consultation on two new consumer credit policies. The consultation builds upon the Government’s call for evidence which was concluded in January 2018 and on existing successful practice in the Scottish Debt Arrangement Scheme (DAS). The consultation offers businesses and organisations on both sides of the consumer credit marketplace the opportunity to have their say on how the new proposals should be implemented.
The consultation considers two proposed statutory measures designed to aid struggling debtors to manage their debt, by offering more lenient terms than a typical debtor’s credit agreement. The introduction of the policies, which formed part of the Conservative Party’s 2017 manifesto commitments, aligns with the Government’s interest in managing personal debt problems and providing proactive support to vulnerable consumers.