MPs Call for Debt Rules Revisit

Published / Last Updated on 28/12/2007

Report

In a study commissioned by Standard Life, it found that borrowing is most common among people aged between 20 and 50, with parents feeling pressured to borrow to provide for all their children’s needs.  Recommendations in the report included reinforcing and strengthening financial education and capability initiatives, using tax policy to incentivise people to save.  

Mark Hoban, Conservative MP for Fareham believes the government do not do enough to raise the issue of saving.  

Our view

Regulation of loan companies is what is required.  If debt were not readily available, people would not get into debt.  In addition, if compulsory unemployment and long term sickness insurance was a requirement for debts in excess of £5,000, it would make debt management easier.  Allowing simple bankruptcy filing and then being ‘cleared’ after just one year is a travesty and encourages debt.

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