Threatening debt letters banned thanks to successful “life-saving” campaign

Threatening debt letters that cause people to contemplate suicide have been banned thanks to a successful “life-saving” campaign by Martin Lewis.

THREATENING debt letters that cause people to contemplate suicide have been banned following a successful campaign by Martin Lewis, founder of consumer site MoneySavingExpert.com and charity the Money and Mental Health Policy Institute (MMHPI).

Lewis argued that language used in the outdated 1974 Consumer Credit Act has caused many people already pushed to the brink due to debt, stress and pressure to think about taking their own life.

According to the MMHPI, 100,000 people in England each year with problematic debt situations contemplated suicide due to the wording and format of the debt letters.

Thanks to the campaign, the letters are set to be formatted simpler and be less threatening after the government agreed they should be changed.

As part of the agreement, upper case letters will no longer be used in the letter and free debt advice will have to be signposted by firms in order for people to get the necessary help without getting into further debt.

The new rules are expected to be introduced by the Treasury in December 2020 and will state that lenders have up to six months to make the changes.

“It’s no exaggeration to say that this change could save lives,” said Martin Lewis.

“And the timing is crucial, with millions of people facing debt and distress due to the pandemic, the sooner we end these out-of-date laws which force lenders to send intimidating letters the better,” he added.

Thank you for reading this article “Threatening debt letters banned thanks to successful “life-saving” campaign”.

Euro Weekly News is delighted to continue be able to bring you a range of News that doesn’t cost you anything but your internet connection. Whether it’s Local Spanish News or International Entertainment News, we’ve got you covered!

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

Comments


    Leave a comment

    Your email address will not be published. Required fields are marked *