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Debt Respite Scheme (Breathing Space)

The Debt Respite Scheme was introduced in May 21 to allow FCA regulated debt advisors acting on behalf of an individual debtor to obtain a standard 60 day stay on further action.

It also allows a debtor on their own account or those acting on their behalf to obtain a longer stay on grounds of a mental health crisis on the basis of an Approved Mental Health Professional certificate.

We understand only too well the stress our clients experience as their world collapses around them with loss of business, income and then being pursued by creditors on personal guarantees our clients provided to support a limited company debt.

It is a sad fact that we had 5 client suicides following the 2008 crash.

We now find ourselves referring one person per week to NHS 111 due to potential mental health crisis issues, most of whom have suicidal thoughts.

You can find out more about the Debt Respite Scheme HERE

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