BBA Response to StepChange Debt Charity – Action Plan on Problem Debt
Commenting on StepChange's action plan on problem debt, BBA Executive Director Eric Leenders said:
“StepChange should be commended for bringing forward this action plan. The BBA welcomes its measures to encourage people to build up savings and financial resilience to help prevent them from falling into problem debt.
“Banks, charities and the Government need to work together to achieve these objectives and help to deliver better outcomes for consumers.
“If you are struggling to meet repayments it's vital to seek guidance as early as possible and stay in close contact with your lender. There are a range of providers of free debt advice, including StepChange, Citizens Advice and the Money Advice Trust who can offer independent and practical help in such circumstances. Banks will allow you some breathing space if they know you are actively seeking debt advice to sort out your finances.”