It’s being claimed as a win-win-win, for the consumer, creditors and NHS. There is no question that people need time to get things straight in their minds and formulate a plan, but why it needs to be 60 days with the signposting and available advice and support agencies, along with technology developments including open banking, seems a bit too long to me. Whilst I’ve no doubt if it is to be 60 days matters will progress quicker than that, I just wonder if the headline of 60 days starts to take the energy out of solving the problem and if that is really a win win win. Time will tell. In Ascent we work on the basis that the quicker we understand a customer’s circumstances, the quicker we can start to develop a solution to the problem acceptable to both sides and that is what makes the customers and creditors happiest.
People struggling with serious debt look set be given a longer grace period of 60 days before being hit with further interest, charges and enforcement action, the Treasury has announced. The Chancellor is expected to unveil the plans in Monday's Budget, which will extend the 'breathing space' period from six weeks.
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