Published: 4th May 2021

The government has launched a new scheme to give those struggling with debts 60 days to get their finances back on track. The ‘Breathing Space’ scheme will provide legal protections for people from their creditors for 60 days, with most interest and penalty charges frozen, and enforcement action halted. Under the scheme, they will also receive professional debt advice to design a plan which helps to get their finances back on track. These protections will be available for people in mental health crisis treatment – for the full duration of their crisis treatment plus another 30 days. The government expects 700,000 people to benefit in the first year of the scheme. ‘This scheme will give people a breathing space from charges, distressing letters and bailiff visits, so they can tackle their problem debt with support from a professional debt advisor,’ said economic secretary to the Treasury, John Glen. ‘And to … (To read the full article, subscribe below)