Debt help plan unveiled by government - Loans - News - Moneyfacts


Debt help plan unveiled by government

Debt help plan unveiled by government

Category: Loans

Updated: 19/03/2009
First Published: 18/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Help for consumers struggling with debt problems has been announced by the government.

Prime minister Gordon Brown unveiled a range of new measures, designed to provide a boost to Britons suffering as a result of the economic downturn.

Among the steps are plans to regulate debt enforcement in order to ensure clarity, something that could help those owing money through unsecured loans.

In addition, credit card companies will no longer be allowed raise limits without this being requested by the customers.

"The changes we're dealing with as a country right now are enormous. But we are determined to do our bit," Mr Brown told money advice agencies and consumer groups.

Other measures will include efforts to tackle fraud, as this is estimated to cost the economy £14 billion each year.

Campaign organisation Which? welcomed the news, describing the ban on extension of credit card limits without request as a "clear victory for consumers".

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