Debt Respite Scheme (Breathing space) – Guidance for creditors
The UK government has published guidance to creditors for the Debt Respite Scheme (Breathing Space) which can be found here. The guidance came into force on 4th May 2021 and the breathing space is intended to assist debtors by giving legal protections from their creditors under The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020.
There are two types of breathing space: a standard breathing space (available to anyone with a problem debt giving legal protection from creditor proceedings for up to 60 days) and a mental health crisis breathing space (only available to a person receiving mental health crises treatment and lasts as long as the treatment plus 30 days ( no matter how long the srises treatement last).
The protections include pausing most enforcement action and contact from creditors and freezing most interest and charges on a debtor’s debts.
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