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Under the scheme, people will be given legal protection from their creditors for 60 days, with most interest and penalty charges frozen, and enforcement action halted. They will also receive professional debt advice to design a plan which helps to get their finances back on track.
To qualify for a breathing space, debtors will have to meet certain conditions. They must be in problem debt and: live in England or Wales and not have any of the following:
Most debts are likely to qualify for a breathing space, including:
However, the following debts and liabilities are excluded:
Creditors will receive a notification that a debt owed to them is in a breathing space, and will be required to drop all action relating to that debt for the period the breathing space is in force. This includes stopping any interest, fees, penalties or charges and ceasing any enforcement or recovery action.
If you would like to access the Breathing Space Scheme. Please contact us as soon as possible. Our expert advisers will give you advice and provide you with all the relevant information needed.
Call now on 0800 121 48 63 or use the contact form on this page.
Note: The breathing space scheme can only be accessed through qualified debt advisers such as ourselves.
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