Statutory Debt Repayment Plan: Consultation

The government received over 80 responses from a wide range of stakeholders. Respondents raised significant challenges and concerns, relating to both the design of the statutory debt repayment plan (SDRP) and the timing of its implementation. These are summarised in the consultation response document.

The government has reflected on this feedback and determined that it will not proceed to lay regulations implementing the SDRP this year. Instead, the government will base further decisions on the future of the SDRP on the outcomes of the government’s review of the personal insolvency framework, led by the Insolvency Service. At this stage of the review, no decision on reform has been made. However, the government is mindful that any significant reforms to the personal insolvency framework may affect both the need for, and design of, a new debt solution based on full repayment of debts. The government’s intent is to ensure that the overall framework for helping people in debt is coherent and well-considered.