Key policy wishlists, looking at both income and debt repayment policies, will include:
- Examination of issues around a “living income” floor, and social security net to stop people taking on unwanted credit, as well as energy audits and expanded social services funding
- Revision of rates at which reductions come off universal credits, greater provision of no-interest loan schemes and “appropriate” funding for debt advice, “always a hot topic”, including for face-to-face advice.
- Industry standards in vulnerability and affordability across creditor groups
- Removal of zero hours contracts, increased focus on credit unions and energy saving schemes
- Examination of how data can be used better to avoid bad debt?
Credit Today publishing director Gerard Dugdill said: “We will with as many partners as possible, including government, regulators, the credit industry, including debt advice, to drive forward policies aimed at minimising or eliminating debt difficulty due to lockdown.”
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