| Debt Free Direct backs measures to aid distressed borrowers |
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Unfortunate events like illness and joblessness are probably a borrower’s worst fears, as he will then have to struggle hard to make mortgage or loan repayments in the case of any such misfortune.
However, borrowers can finally heave a sigh of relief. Debt Free Direct has very positively accepted the new government’s proposals aimed at supporting stressed borrowers. Debt relief plans which were announced by the Department of Constitutional Affairs (DCA) and David Lammy, the constitutional affairs minister, were well approved by Debt Free Direct which is the independent advisory company for borrowers facing debt problems.
Debt Free Direct said that the benefits announced by the DCA would assist as many as 1.5 million people who were in a debt storm due to illness and around 1.3 million indebted people who were fighting redundancy.
The debt relief plans comprised of an Enforcement Restriction Order that would relieve borrowers of enforced debt collection in the event of unexpected illness or joblessness. Besides, certain reforms had also been made to the orders of the county court administration, along with the inception of a debt limit of £15,000.
Andrew Redmond, Debt Free Direct's chief executive explained that though such possibilities were not paid much attention to by borrowers, it was essential not to neglect the problem but to “seek professional advice from people who can best advise you on how to handle your financial worries.”
Posted
on : Thu, 31 Mar 2005 00:00 GMT | Debt News
By : Anne Philips
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