Contact our debt recovery specialists. Call 0141 331 2332

Charity Creates Debt Policies Manifesto Ahead of the General Election

22 October 2019 Written by Yuill & Kyle Solicitors Category: Blog

UK debt charity, Step Change, has called on the next Government to commit to measures that will help people and businesses deal with debt. The measures proposed by Step Change include assigning an independent regulator for bailiffs and enforcement agents and creating legally binding practice standards for debt collection and enforcement. 

Head of Policy, Research and Public Affairs at Step Change, Peter Tutton, said: 

“It would be a tragedy for people in problem debt if the positive work in progress … got lost somewhere between this government and the next. So, we urge in the strongest possible terms that all the work in progress is carried over by the next government.”

Do the proposals apply to Scotland?

The Scottish leg of the charity, Step Change Scotland, have created a complimentary manifesto which focuses specifically on Scottish issues. Debt collection and enforcement in Scotland are subject to different regulations and procedures and, as a result, require different solutions to England and Wales. 

In the manifesto, Step Change Scotland addresses how the next Government could “reduce the harm problem debt is causing now and boost households’ financial resilience”. While the measures focus on helping the estimated 700,000 Scots having problems with debt and financial wellbeing, they are also likely to have an impact on debt collection process and enforcement [/LINK]. 

What measures are being recommended? 

The Scotland briefing proposes the following measures: 

  • A no-interest loan scheme to support people who would normally turn to high-interest credit options, such as payday loans, to pay for essentials. 
  • Providing the Financial Conduct Authority (FCA) with the powers and mandate to make the credit market more responsible and safer for consumers. 
  • Creating a clear strategy to tackle the issue of large numbers of people using credit to pay for essential bills, household goods and in emergencies. 

These measures may have an impact on how businesses carry out debt recovery but may overall have a positive effect. The focus on greater financial resilience should mean that debt repayment is more manageable and may reduce the number of debts businesses are forced to write off because the debtor cannot pay. 

Contact Yuill + Kyle Debt Recovery Specialists in Glasgow, Edinburgh and Dundee, Scotland

If you need advice and assistance with debt collection or credit control, contact our team today. We understand the impact that carrying debt may be having on your business, and we will do all that we can to recover as much as possible. You can call our team today to discuss your options on 0141 331 2332 or complete our online enquiry form and we will get back to you. 

Testimonials

Contact our debt recovery specialists.Call 0141 331 2332

Stay in touch with Yuill + Kyle

Legal changes can have a dramatic impact on you and your business. To ensure you are kept up to date with the latest developments and have the knowledge to make timely, effective decisions, please sign up for our free updates.