Thank you for your email regarding children in families living in debt. I appreciate the concerns you have raised and agree that such a freeze on interest rates etc would be beneficial for families in this position.
The Families with Children and Young People in Debt (Respite) Bill, introduced by Kelly Tolhurst MP, would place a duty on lenders to provide financial respite for families with children and young people in debt.
The Government has shown that they are committed to exploring whether some form of ‘breathing space’ would be a suitable debt solution. HM Treasury and the Insolvency Service have been asked to explore and identify possible options and have begun work on a review.
Thank you once again for contacting me, please do not hesitate to get in contact with me if you require any further information.
Derek Thomas MP