25th January 2018
The Government is committed to introducing 'breathing space' that would give heavily indebted consumers a period of respite from enforcement action and further interest and charges, for a period of up to six weeks. Indeed, Ministers have launched a call for evidence to gain as much insight as possible from lenders, the debt advice sector and other stakeholders about how best to design a breathing space scheme. This consultation is now closed and I look forward to the results.
I am sure you will be pleased to learn that a number of steps have also been taken to reform consumer credit, including taking action on high-cost short-term credit, and a comprehensive Financial Conduct Authority study into the credit card market.