Views sought on debt respite scheme for Northern Ireland | News in Newry | Latest Newry News, Newry Sport and Newry Business for Newry City

Views sought on debt respite scheme for Northern Ireland | News in Newry

The Department for Communities has launched a call for evidence to explore the establishment of a debt respite scheme in Northern Ireland.

 

Views sought on debt respite scheme for Northern Ireland | News in Newry - newry news

 

The primary aim of the pre-consultation is to build on evidence already gathered and source further insight from the debt advice sector, creditors and individuals on the scale of problem debt locally.

Problem debt and the inability to keep up with regular bills and credit commitments are associated with a range of negative impacts on wider society, most notably poor mental health. 

An estimated 175,679 adults in Northern Ireland are likely to need debt advice in 2022. 

It is envisaged that any new scheme would incorporate provisions for both a ‘Breathing Space’ and ‘Statutory Debt Repayment Plan’.   

 


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The Breathing Space initiative hopes to provide headspace for debtors by temporarily pausing creditor enforcement action, interest and charges.

The scheme also aims to help debtors access professional debt advice – and access it sooner – helping them reach sustainable debt solutions.

The pre-consultation will run for six weeks from December 14 to January 25 2023 with input sought from the debt advice sector, private and public sector creditors, the voluntary sector and members of the public who wish to contribute.

To participate in the call for evidence, which will help shape the policy for any future debt respite scheme, go to Citizen Space.

 


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Posted by on Jan 9 2023. Filed under Community, Politics. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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