Debts

HM Treasury written question – answered on 29th March 2017.

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Photo of Steve McCabe Steve McCabe Labour, Birmingham, Selly Oak

To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 14 March 2017 to Question 66604, on debts, when the Government first committed to exploring a breathing space scheme; and when he expects to provide an update.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

In its response to the Independent Review of the Money Advice Service (March 2015), the coalition government agreed to review the legal framework for debt administration, and to consider the impacts of additional statutory protections for consumers.

The government is looking carefully at a breathing space scheme, and fully supports the principles of better debt management and lower levels of problem debt. However, a breathing space scheme could have cost implications, and any new spending proposals must be considered carefully. The government will continue to look into the options for a breathing space scheme.

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