For many people, the thought of raising a hand to ask for help is a terribly worrying concern, as it\u2019s often the first time they\u2019ve needed to admit to someone that their finances are out of control. <\/p>\n\n\n\n
There is a natural sense of vulnerability in exposing the truth about one\u2019s finances and it\u2019s this sense of vulnerability that often leads to symptoms of stress and anxiety.<\/p>\n\n\n\n
Unfortunately, the natural reaction to feelings of stress and anxiety is to escape or hide from the problem, however, not surprisingly, when it comes to dealing with debt problems, running away or burying your head in the sand is the worst thing you can do.<\/p>\n\n\n\n
If only you could be given time to get something arranged before your creditors were able to do anything to harm you. <\/p>\n\n\n\n
To be given a safe place from which to seek and receive help – some sort of breathing space.<\/p>\n\n\n\n
Well you may well be pleased to learn that such a place exists.<\/p>\n\n\n\n
It\u2019s nearly a year since the Government introduced \u2018The Debt Respite Scheme\u2019, also known as Breathing Space, into law as part of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 <\/p>\n\n\n\n
Breathing space was introduced for exactly this purpose and like the name suggests, it provides a safe place from which to seek advice and guidance on your options, without the threat of a creditor taking legal action against you whilst you\u2019re in consultation.<\/p>\n\n\n\n
Over the past 10 months, IVAorg has been able to implement this new legislation whenever we felt it necessary and, in doing so, we\u2019ve protected many of our clients who would otherwise have been left battling with their creditors, rather than seeking guidance and advice.<\/p>\n\n\n\n
We should point out that Breathing Space is not a type of payment holiday and hasn\u2019t been introduced as a solution in itself. <\/p>\n\n\n\n
It\u2019s best to think of Breathing Space as an umbrella which we can use to protect you from the elements whilst you get things sorted and back under control.<\/p>\n\n\n\n