Debt news - Rightsnet

22 May, 2020 Open access

FCA announces plans to continue mortgage holidays for homeowners affected by coronavirus

Proposals also include extending the application window to the end of October and continuing the ban on mortgage possession proceedings

21 May, 2020 Open access

Debt charities call for urgent action to help those struggling with council tax debt due to COVID-19 pandemic

Proposals include more time to pay and a 'pre-action protocol' for councils to follow before enforcing recovery

21 May, 2020 Open access

Temporary exemption from bankruptcy application fee among measures in Coronavirus (Scotland) (No.2) Bill unanimously passed by MSPs

New emergency legislation also includes provisions that make it harder for creditors to make individuals bankrupt, and facilitate use of electronic processes to make bankruptcy easier to administer during pandemic

21 May, 2020

MSPs call for reform of the Protected Trust Deed debt solution to make it more effective in supporting people in debt

Scottish Parliamentary Committee highlights that in some cases debtors may not start to repay their creditors for up to two years, as payments go towards paying trustee fees first

15 May, 2020 Open access

Individual voluntary arrangements increased by more than a third in April 2020 compared to same month last year

However, first in a new monthly statistics series during the coronavirus crisis also shows that bankruptcy and DRO numbers have fallen

13 May, 2020 Open access

Provision to increase minimum debt level that an individual must owe before a creditor can make them bankrupt included in new Coronavirus (Scotland) (No.2) Bill

Provision also made to extend eligibility conditions for the less costly ‘minimal asset’ bankruptcy process

1 May, 2020 Open access

Policy changes needed to prevent ‘financial cliff-edge’ when short-term protections against impact of coronavirus come to an end, says Citizens Advice

New report calls for range of longer-term measures to ensure that people are not penalised for unavoidable debts built up during pandemic

1 May, 2020 Open access

FCA extends period during which lenders are required to contact ‘mortgage prisoners’ to let them know they are now able to switch mortgages

Extension of deadline due to 'significant changes' in the mortgage market since the outbreak of coronavirus, which mean that that it would be wrong to require letters to be sent to people at this time

28 April, 2020 Open access

Preventing enforcement agents taking control of goods while coronavirus lockdown is in place

New statutory instrument

27 April, 2020

Centre for Social Justice report ‘makes powerful case’ for Government Debt Management Bill, says Money Advice Trust

Trust also welcomes the CSJ's call for improved council tax collection practices and independent regulation of the bailiff industry

20 April, 2020 Open access

Government must take urgent action to ‘close the gaps’ in its support of household finances during the COVID-19 crisis

Money Advice Trust calls for additional funding to enable local authorities to offer payment holidays on council tax bills, and to pause arrears collection and enforcement action

17 April, 2020 Open access

FCA announces proposals to support high-cost credit customers facing financial difficulties due to coronavirus

New package of measures includes a one-month interest-free payment freeze on payday loan repayments

9 April, 2020 Open access

FCA introduces temporary financial relief measures for consumers facing payment difficulties during the COVID-19 outbreak

Rule changes commence today and will be fully implemented by 14 April 2020

7 April, 2020 Open access

Extension of ‘breathing space’ for people with problem debt in Scotland extended to six months during coronavirus outbreak

New measures set out in Coronavirus (Scotland) Act 2020 that received Royal Assent yesterday

2 April, 2020 Open access

‘Breathing space’ for people with problem debt to be extended from six weeks to six months under Coronavirus (Scotland) Bill

Bill, passed unanimously in Scottish Parliament yesterday, also removes the limitation on applying for breathing space more than once in a 12 month period

2 April, 2020 Open access

FCA proposes three month payment freeze on loans and credit cards, and zero interest on up to £500 of arranged overdrafts, for those impacted by coronavirus

Proposals are among package of measures to be introduced from 9 April 2020 if confirmed following consultation

1 April, 2020 Open access

COVID-19 crisis has revealed widespread financial vulnerability and long-term changes to support are necessary to build resilience, says StepChange

Debt charity says new statistics are a worrying indicator of people’s financial fragility, with many households only just managing to scrape by

26 March, 2020 Open access

Debt charities call for bailiff action to be suspended during coronavirus outbreak

While some councils are taking action locally, clear instruction is needed from government to ensure all local authorities comply

23 March, 2020 Open access

Failure to maintain Debt Arrangement Scheme payments in Scotland will not lead to revocation of the Arrangement if causally linked to coronavirus

Scotland’s Accountant in Bankruptcy also suspends all sale and eviction from property in ongoing bankruptcy administrations

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