Those with outstanding utility bills can cut their interest payments by up to three quarters if they seek to settle their arrears by the end of October.

The reduced interest payments have been introduced through a legal notice which was published in today’s edition of the Government Gazette.

To benefit from the scheme, households and businesses with outstanding bills are to apply by October 31.

If they settle their arrears by the end of next month, the interest owed will be reduced by 75%.

The interest owed will be reduced by half if the arrears are settled by the end of November and by 25% if they are settled by the end of the year.