An interesting publication on the introduction of the new ‘Breathing Space’ scheme below, whereby individuals can be protected from creditor action and accruing interest for a 60 day period.
On the whole I think this is a positive step for our industry, as we are seeing more individuals with mental health problems than ever before. This will undoubtably help those in need to take professional advice and seek a solution.
However, careful consideration needs to be given to the drafting of legislation, otherwise an abuse of the process will occur to the detriment of creditors.
20 June 2019