Breathing Space

Breathing Space It is a support scheme set up by the government to help people struggling with debt. You can apply for a breathing space period which typically lasts for 60 days i.e., where it is a standard breathing space.

There is another form of breathing space for those who are suffering from a mental health crisis and are receiving treatment for it. In both instances, the breathing space is a temporary measure whereby borrowers can get protection from creditor enforcement, such as by freezing interest and charges during the breathing space.

For those who wish to apply, they must work with a professional debt adviser who must be authorised by the Financial Conduct Authority (FCA). The debt adviser will determine whether a breathing space is suitable and if so, an application is made on your behalf. The respite scheme is only for a temporary period, your debts do not go away at the end of it – that problem will still need to be dealt with.

Following the start of a standard breathing space, you must then review debt solutions or continue with setting up a debt solution where one was identified beforehand. Those subject to a mental health breathing space are not obligated to do this.

Speak to a debt solution specialist on 0161 823 4974 or complete the form to book a call back.