17 May 2022 | Posted In Money advice news

The government is consulting on draft regulations to introduce a new statutory debt solution known as the statutory debt repayment plan (SDRP).

The SDRP will be focus on repayment of debt, rather than debt relief, addressing a gap in the debt solution landscape. The SDRP will include a broad range of debts, including debts owed to the government and to creditors outside of financial services and will protect debtors from enforcement action, creditor contact, and 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 to that consultation in June 2019, setting out a basic blueprint for the scheme.

This consultation on the SDRP sets out the policy development that has taken place since 2019. It seeks stakeholder views on three broad areas:

  • the draft regulations necessary to implement the SDRP
  • questions on outstanding policy issues and operational considerations
  • a consultation stage draft impact assessment

This consultation, which closes at