Government consulting on statutory debt repayment plan 

The SDRP will be a new statutory debt solution focussed on repayment of debt, rather than debt relief, which the government said would address “a gap in the debt solution landscape”.

The SDRP will integrate a broad range of debts, including debts owed to the government and creditors outside of financial services.

It will also protect debtors from enforcement action, creditor contact, interest, fees and charges on their debts while they repay them.

The government consulted on aspects of the SDRP in 2018/19 and published a response in June 2019.

This consultation sets out the policy development that has taken place since then, and seeks stakeholder views on three broad areas. The first is the draft regulations necessary to implement the SDRP. The second is questions on outstanding policy issues and operational considerations, and the third is a consultation stage draft impact assessment.

According to the government, the SDRP is one of “a range of government policies designed to support those with problem debt get their finances back on track. At the heart of these policies is the ongoing funding for debt advice provision through the Money and Pensions Service (MaPS), which is continuing to be maintained at record levels in 2022-23".

The consultation closes on 5 August 2022 at 23.59. Those wishing to respond should contact SDRPresponse@hmtreasury.gov.uk.