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COVID-19: We have answered some of our customer's most frequently asked questions
To help the NHS fight coronavirus, the organisation will have more than 13 billion pounds worth of debt written off.
Speaking during a press conference, the health secretary – Matt Hancock – confirmed the measures: “To help NHS trusts to deliver what’s needed without worrying about past finances, I can announce that I am writing off £13.4 billion of historic NHS debt.”
He added, “these are unprecedented times for our healthcare system and I want to make sure every part of it is supported.”
If there’s one organisation which needs all our support during this crisis, it’s the NHS. Working to keep our country and people safe, having so much debt written off is the least the institution deserves.
This move also serves to remind us why debt write-off is so important.
If you feel there is no possible way to repay your lenders, then sometimes writing off debt is the only viable option. Serving as a fresh start, it allows you to resolve your current financial situation and focus on the future.
By writing off your debts now, you can concentrate on upcoming matters with a clear head.
In the case of the NHS, there’s probably no way it could have repaid more than 13 billion pounds in a reasonable time. Furthermore, it’s unclear whether this sum had been gathering interest. If so, it seems unlikely the organisation would have ever paid off this debt.
The NHS needed this money written off to help focus on the future. For now though, it’ll put the institution in better shape to tackle coronavirus.
To support the NHS during this time, it’s doctors and nurses need more than debt written off. If you find yourself with the time to spare, then why not volunteer your services? Whether delivering medicines to pharmacies or helping patients get to their appointments, there’s plenty of work to be done.
Otherwise, as the government reminds us: “Stay at Home, Protect the NHS, Save Lives”.
Debt write off is one of the main reasons why many people choose an IVA. Once this agreement comes to an end, any remaining funds owed to your creditors are written off. To find out how much you might not need to pay back, consult our IVA calculator.
Alternatively, to find out if you could benefit from an IVA, click on the button below:
Debt write off applies to unsecured debts and on completion of an IVA. A debt write off amount of between 20% and 80% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.
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Free money help and advice can be found at the MoneyAdviceService.org.uk