The Norwegian government is proposing amendments to the Debt Settlement Act to help people with serious debt problems.
The government is sending out several proposals for amendments to the Debt Settlement Act for consultation. The law is one of the most important tools to help people out of serious debt problems.
A debt settlement is an agreement to pay down as much of your debt as possible for a limited period in exchange for having the rest of the debt written off. The government wants to make the process more efficient.
Among other things, if the proposal is adopted, debtors will no longer have to contact the NAV before applying for a debt scheme. In addition, a new rate would be implemented to facilitate the implementation of debt arrangements for families with children.
“Struggling with personal finances can have major consequences. In the worst case, families have to leave their homes, cohabitation disintegrates, and children grow up insecure. People with serious debt problems can apply for a debt settlement, but it can often take a long time to put a debt settlement in place. We want to change that now,” Minister of Consumer Affairs Olaug Bollestad (KRF) stated on Monday.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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