30 days grace from the debt collectors announced

A recent announcement by the government and the Credit Services Association is going to provide valuable breathing space to anyone facing the threat of debt collectors turning up on their doorstep.

From the end of May, you will have 30 days breathing space to ‘sort out your finances’.
What this will do for those facing the worry of having people turn up on their doorstep is the time needed to try and sort the problem out by taking professional debt advice or finding a resolution directly with creditors.

The 30 day debt plan

1. Stop the clock – write to your creditors explaining that you are attempting to resolve your outstanding debt and ask them for a 60 or even 90 day pause in interest and fees. Many will agree and this tops your debts getting worse.
2. Understand your debt – ask your creditors for statements so you know exactly how much debt you’re in, add to this all of your other expenditure and compare it with all of your household income and you’ll have a clear understanding of where you are and how much you can afford to repay each month.
3. What are your options? – whether solving your debt problem is a case of simply managing your finances better, or opting for solutions like debt management, IVA’s, loans or bankruptcy, knowing which options are available to you is essential. Try our debt calculator to discover yours.
4. Take positive action – you’ve got an extra 30 days to resolve your problems and get your finances back on track. Use it wisely. For most people there is a solution, you just need to look for it and want to be debt free.