Breathing Space
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HM Treasury has published the draft regulations (Click here to view) which were laid before Parliament on 15 July 2020 for approval. The Breathing Space scheme is expected to come into effect in England and Wales on 4 May 2021.
The Breathing Space scheme will be a welcome addition to the options available for individuals with ‘problem debts’, enabling them to seek debt advice without pressure from creditors. There will also be special provision for vulnerable individuals, particularly those with mental health issues.
The Government intends to develop scheme guidance for creditors and money advisors, as well as guidance on the mental health crisis access mechanism in the coming months, and more information on that process will be provided when it becomes available.