Understanding Breathing Space Regulations
New Regulations have been introduced as support mechanism for those who find themselves in debt. The regulations provide a legal period of time known as ‘Breathing Space’ for debtors to seek help and support to put their financial matters in order. During this time creditors cannot take any actions to chase the debt.The scheme is in two parts; the Standard Breathing Space and Mental Health Breathing Space. These will commence on 4 May 2021.
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