(Lab):...Perhaps we should worry only about the losers:
people who borrow because of delays in their benefits or who have
faced some catastrophic change in their circumstances. The Money
Advice Service said that there are now 8.3 million people in the UK
with problem debts. Andrew Bailey, the chief executive of the
Financial Conduct Authority, said that he was concerned by the
number of people who need loans to keep going, particularly those
working in the Gig
economy. He also said:
“I don’t think we have a sustainable solution, in terms of the
provision of credit where needed”...
The Minister of State, Department for International
Development (Lord Bates) (Con):...The noble Baroness,
Lady Donaghy, asked what we are doing to ensure that workers in
the Gig
economy are protected from problem debt.
Information, advice and guidance is available for free from the
Money Advice Service, which provides specialist support for the
self-employed through its funding of the Business Debtline, which
supports sole traders in dealing with debts that they may incur.
Around 25,000 small business owners were supported by Business
Debtline last year, and 90% of those who accessed support from it
stabilised or reduced their debt after its help. Again, that
relates to the right reverend Prelate’s point that people out
there who are facing considerable distress need to recognise that
help is available and that the sooner they call on that help, the
easier their problems will be to solve...
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