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15/12/2022
New NI Debt Respite Scheme Under Consideration
The Department for Communities has issued a call for evidence to explore the establishment of a debt respite scheme in Northern Ireland.
The primary aim of the pre-consultation is to build on evidence already gathered and source further insight from the debt advice sector, creditors and individuals on the scale of problem debt locally.
Problem debt and the inability to keep up with regular bills and credit commitments is associated with a range of negative impacts on wider society, most notably poor mental health.
An estimated 175,679 adults in Northern Ireland are likely to need debt advice in 2022.
It is envisaged that any new scheme would incorporate provision for both a 'Breathing Space' and 'Statutory Debt Repayment Plan'.
The Breathing Space initiative hopes to provide headspace for debtors by temporarily pausing creditor enforcement action, interest and charges. The scheme also aims to help debtors access professional debt advice - and access it sooner - helping them reach sustainable debt solutions.
The pre-consultation will run for six weeks from December 14 to January 25 2023 with input sought from the debt advice sector, private and public sector creditors, voluntary sector and members of the public who wish to contribute.
To participate in the call for evidence, which will help shape the policy for any future debt respite scheme, go to Citizen Space.
The primary aim of the pre-consultation is to build on evidence already gathered and source further insight from the debt advice sector, creditors and individuals on the scale of problem debt locally.
Problem debt and the inability to keep up with regular bills and credit commitments is associated with a range of negative impacts on wider society, most notably poor mental health.
An estimated 175,679 adults in Northern Ireland are likely to need debt advice in 2022.
It is envisaged that any new scheme would incorporate provision for both a 'Breathing Space' and 'Statutory Debt Repayment Plan'.
The Breathing Space initiative hopes to provide headspace for debtors by temporarily pausing creditor enforcement action, interest and charges. The scheme also aims to help debtors access professional debt advice - and access it sooner - helping them reach sustainable debt solutions.
The pre-consultation will run for six weeks from December 14 to January 25 2023 with input sought from the debt advice sector, private and public sector creditors, voluntary sector and members of the public who wish to contribute.
To participate in the call for evidence, which will help shape the policy for any future debt respite scheme, go to Citizen Space.
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04 August 2004
CAB predicts major debt payment crisis in NI
With the Bank of England poised to raise interest rates tomorrow and court action on mortgage defaults in Northern Ireland up 32% on this time last year, the Citizens Advice Bureau (CAB) has predicted a major debt payment crisis in the province in the coming months.
CAB predicts major debt payment crisis in NI
With the Bank of England poised to raise interest rates tomorrow and court action on mortgage defaults in Northern Ireland up 32% on this time last year, the Citizens Advice Bureau (CAB) has predicted a major debt payment crisis in the province in the coming months.
26 March 2008
Mortgage Debt Rising Fast
The cost of buying a home in Northern Ireland is escalating fast with mortgage debt rising faster than anywhere else in the UK. The news comes as the property market begins to feel the full effects of the international credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.
Mortgage Debt Rising Fast
The cost of buying a home in Northern Ireland is escalating fast with mortgage debt rising faster than anywhere else in the UK. The news comes as the property market begins to feel the full effects of the international credit crunch and threatens to spell financial heartache for thousands of Ulster homeowners.
28 February 2002
Ulster Bank profits boost in 2001
The Ulster Bank has reported profits of £242m for 2001. The figure is an increase of 21 per cent on the previous year, while net interest income rose by 19 per cent to £351m due to strong growth in customer loans and deposits. Advances were up by just under 25 per cent while deposits grew 11 per cent to £7.3bn.
Ulster Bank profits boost in 2001
The Ulster Bank has reported profits of £242m for 2001. The figure is an increase of 21 per cent on the previous year, while net interest income rose by 19 per cent to £351m due to strong growth in customer loans and deposits. Advances were up by just under 25 per cent while deposits grew 11 per cent to £7.3bn.
06 November 2024
£1.3m Boost For Debt Advice Services In Northern Ireland
Communities Minister Gordon Lyons MLA has announced the allocation of £1.3 million for an Integrated Advice Partnership Fund. This funding will be administered by local councils to enhance existing debt services and provide alternative pathways to debt advice for individuals and families across Northern Ireland.
£1.3m Boost For Debt Advice Services In Northern Ireland
Communities Minister Gordon Lyons MLA has announced the allocation of £1.3 million for an Integrated Advice Partnership Fund. This funding will be administered by local councils to enhance existing debt services and provide alternative pathways to debt advice for individuals and families across Northern Ireland.
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Northern Ireland WeatherToday:The day will be very windy with strong to gale force westerly winds becoming occasionally severe along the north coast. Sunny spells will be interspersed with scattered showers. Maximum temperature 8 °C.Tonight:West to northwest gale force winds, severe along the north coast, will continue overnight. Frequent showers persist, merging into longer periods of rain at times and turning wintry. Minimum temperature 1 °C.
