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|‘Breathing Space’ from creditor enforcement needed as last chance for debt advice|
|Tuesday, 07 July 2015|
Financially distressed individuals should be given a 28-day break from creditor action – ‘Breathing Space’ – as a final opportunity to receive professional advice on how to deal with their debts, according to a new report launched by insolvency trade body R3 in anticipation of a forthcoming government review.
The insolvency profession is concerned that indebted individuals are in danger of ending up in an inappropriate debt solution as a result of a hasty or panicked decision or, worse yet, ignoring the problem by avoiding dealing with their debts altogether – often taking out further credit to deal with existing debts.
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