Call of the Week NRLA Advice Line 09/03/2021

Call of the Week: Breathing Space

This week the advice line were able to help one of our members with a question relating to the Breathing Space legislation that is coming into force in May this year. This legislation, its full name being The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020, or the Breathing Space regs for short, introduces the concept of a Breathing Space.

This legislation introduces the concept of a Breathing Space and it allows people to enter into a temporary debt moratorium while they work with a financial advisor to find a debt solution such as a repayment plan.

Check out our guidance for more information on this.