Commenting on the government announcement of a new 60-day “breathing space” scheme to begin in 2021 for those with problem debt,
Becky O’Connor, personal finance specialist at Royal London, said:
“Problem debt can happen to anyone at any time in their life. It’s not necessarily the result of someone failing to manage their money properly, but can be the consequence of sudden misfortune, ill health, job loss, divorce or caring responsibilities, for example.
“Any one of us could benefit from this breathing space period at some time in our lives, as a result of struggling in unforeseen circumstances.”
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About Royal London:
Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.