Author Topic: If you could create a solution to your debt problem what would it be?  (Read 776 times)


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You are best suited to answer this question?

If you could create your own debt solution what would it be?

In Scotland they have a great scheme called the Debt Administration scheme where if it can be show that clients can pay their debt back over 10 years, interest and charges are frozen on the debt at the moment they enter into the scheme. They are also protected from diligence as long as they meet the payments and priority debts can be include into the scheme such as mortgage arrears, rent arrears etc (but need to be careful on this one)

Its pretty good we don't have that in the UK no real protection!

Just wondering what would be your ideal answer?


I work in the business and ideas are also welcomed
Supporting 'Practical Debt Advice' by Elizabeth Mc

James Falla

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Hi Shocksoc,
I am in favour of a implementing a Debt Management scheme in England and Wales where creditors are committed to freezing interest and charges similar to the Scottish DAS. However one of the advantages of the informal debt management plan we have at the moment is that an individual with equity in their property can make a reduced payment arrangement without having to agree to release equity. I do not think creditors will sign up to a scheme where they are required to freeze interest without having more committment from the debtor's side articularly in terms of equity. But then we are simply getting back to IVA territory.
Debt Expert & Author