Struggling with problem debt? Take a breath of relief as Breathing Space is here to help!
What is Breathing Space?
Struggling with problem debt?
Take a breath of relief as Breathing Space is here to help! Introduced in 2021 throughout England and Wales, this scheme offers temporary protection from creditors; plus, all interest and charges will be paused. With the duration providing time for you to get your finances back on track, reporting any changes while keeping up regular payments like mortgage repayments or taxes are necessary actions within the arrangement.
Learn more about Breathing Space today!
Standard Breathing Space
Take a deep breath and apply for Breathing Space – an official scheme which offers help to consumers overwhelmed by financial difficulties. With professional guidance, you can take the first step back toward your path of recovery!
Benefits of the standard breathing space:
With Standard Breathing Space, you get up to two months of assistance. After the initial 30-day period, your situation will be reviewed and possibly extended for an additional month.
Mental Health Breathing space
Breathing Space program offers consumers in financial difficulty and undergoing Mental Health Crisis treatment a lifeline. In order to enter into Breathing Space, you will need to speak with an FCA regulated debt advice firm, we’re not able to offer this service but can answer any questions you may have.
Referrals for mental health services typically come from a variety of sources, such as nurses, social workers, care coordinators and even the affected person themselves. However, to be valid all referrals must then be certified by an Approved Mental Health Professional (AMHP).
If you meet the criteria, you’ll gain access to all of Standard Breathing Space’s protections — plus a few unique benefits.
How do I qualify for Breathing Space?
Below is the eligibility criteria for breathing space:
What debts can't be included in the Breathing Space Scheme?
Below is the list of debts that are not eligible for breathing space.
Scotland's version of Breathing Space
With the introduction of new coronavirus legislation in 2020, people living in Scotland now have access to an extended debt moratorium lasting six months – providing a much needed opportunity for Scots facing financial distress.
Under this Moratorium on Diligence law, creditors are prevented from taking action during the period and individuals can take stock of their situation with confidence that they will be given extra time free from creditor interference.
This scheme is exclusive to Scottish residents; separate but similar plans exist elsewhere in Britain too.
The Scottish government recently proposed making such breathing space periods permanent – allowing struggling households across Scotland peace-of-mind when it comes to managing recurring debts into 2023 or beyond!
Why choose Advice Debt?
We can help you, today.
At Advice Debt, we believe in offering unwavering support, expert guidance, and flexible solutions to help individuals overcome debt. Our primary goal is to improve the quality of our clients’ lives by finding practical resolutions regardless of their circumstances. Through constant feedback from our satisfied clients, we witness first hand the transformative impact our advice has on their lives.
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Is Breathing Space right for you?
We can discuss your eligibility.
Prefer to speak later?
We will offer guidance, support and a solution at a time that suits you.