Breathing Space to help millions in debt

Industry News | 06/02/20

The Government has launched plans to help people in debt by introducing a 60 day “breathing space” period where enforcement action from creditors will be halted and interest frozen. Individuals will receive professional debt advice to find a long-term solution to their financial difficulties and those receiving mental health crisis treatment will receive the same protections until their treatment is complete. An impact assessment predicts that the plans will help over 700,000 people in its first year, increasing up to 1.2 million a year by the tenth year of operation.