Covid -19 has effected the entire globe. Not only it weakens the
life of people but also weakens the economy of various nations.
During this hard time, debt collection activities, including legal
proceedings, garnishments, repossessions, and debt selling, must be
prohibited.
Ways to improve Debt law during this crisis
- The debtor management team need to ask debtor to write down or
email the proposal how he intend to repay loan after this
crisis.
- We need to investigate is covid 19 is the real reason for non
payment or postponed of debt.
- Customer should be able to stop any automatic payment.
- No interest or any other charges should be levied on customer
in failure of payment.
- Any court hearing on failure of repayment of loan should b
stopped for time being.
- We urgently need debt relief – especially for households at the
lower end of the income and wealth spectrum.