Debt Protection Proposed
Published / Last Updated on 11/02/2008
Debt Protection Proposed
The Ministry of Justice has issued a consultation paper, that has been welcomed by consumer groups, proposing the introduction of Enforcement Restriction Orders to allow borrowers with lots of low value debts facing a change in circumstances such as job losses to prevent their creditors enforcing debts for 12 months, but mortgages and secured loan payments will not be stalled.
Our view
Enforcement Restriction Orders will buy consumers time which is a good thing and give them at least a little breathing space when getting into trouble.
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