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'D for Debt Day' set to be Monday 14th January

The days of strong arm tactics to collect debts may be drawing to a close as creditors seek new ways to get paid out. While the number of orders for assets to be sold, or County Court Judgements fell by over 20% in 2011, the number of applications for debtor’s earnings to be docked at source rose by 15%, to over 60,000.

The Debt Advice Foundation charity has designated January 14th as “D for Debt Day”. They stated that the majority of credit card bills will arrive throughout that week and in many cases will be the moment that Christmas spenders are hit with a monetary reminder of the financial damage caused over the holiday period. It’s thought that a large number of individuals turn a blind eye to debts and dismiss any budget ideas until the New Year, during which time their financial situation worsens.

HMRC is looking for new ways to recover a total of £1 billion in small debts. Some of these include private sector debt collection agencies and attachment of earnings orders. Involving the debtor’s employer means that creditors can work towards receiving regular, automated payments, to get the debt paid back quicker and more reliably. Attachment of earnings orders may prove to be a more favoured approach as they tend to be less confrontational than traditional repossessions and forced sales of assets.

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