New Legislation by Government to Tackle Debts
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New federal laws have been designed to help government departments on sharing information about individuals and businesses that owe money from them. New legislations will be introduced soon.
A review has been published in February which explains about the debts owed to Government. The review was published by Cabinet’s office error, fraud and debt task force. According to the report above £20 billion amount was owed to Government and Government is losing more than £7 billion each year through unpaid debts that were written off legally based upon debtor’s circumstances. This amount is equivalent to over £400 per working individual for a year.
The Government has announced here that new laws and legislation will be available to create single legal process to collect all associated and necessary information in each case that should be shared appropriately. This will include personal loans like car loans, debt consolidation loans, home loans, student loans etc. as well business loans.
Minister for the Cabinet Office, Francis Maude said here that Government has proceeded too little for years to collect the huge amount of debt owed. This is not fair for hardworking and honest people who are doing right thing to pay their taxes.
Cabinet officer has also said that many debtors owe money from various departments so it is necessary to work closely for all departments. He has also admitted to work closely with various departments and other ministers to find appropriate ways to collect aggregate debts. They are trying to do so for easy repayments through single action. It will be helpful and easier for both Government and debtor.
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