Breathing Space, a valuable debt solution that offers temporary relief and protection for individuals facing financial difficulties.
It’s important to note that Breathing Space is a short-term solution designed to provide you with time and space to seek professional debt advice and work towards a sustainable long-term plan.
There are two types of Breathing Space available:
Standard Breathing Space: This type of Breathing Space can be obtained by applying through debt advice. It offers protection for up to 60 days, with a mandatory review taking place between days 25 and 35. It allows you to take a step back, reassess your financial situation, and seek guidance to chart a path towards financial stability.
Mental Health Crisis Breathing Space: Specifically designed for individuals undergoing mental health crisis treatment, this type of Breathing Space requires application through an Approved Mental Health Practitioner (AMHP). It offers protection for the duration of your treatment, plus an additional 30 days, providing crucial support during a challenging time.
Freeze on Interest, Fees, and Charges: When you enter Breathing Space, most interest, fees, and charges on your debts will be temporarily halted. This gives you a break from accumulating additional financial burdens, allowing you to focus on finding a long-term solution.
Pause on Enforcement Action and Creditor Contact: Breathing Space also puts a pause on most enforcement actions taken by creditors and reduces contact from them. This respite gives you the breathing room needed to engage with debt advice and explore viable options to overcome your financial challenges.
At the end of Breathing Space, the protections will end and the creditors you owe money to can:
Debt Solution Advisor® is a trading style of J3 Debt Solutions Ltd. Visit J3 Debt Solutions – www.j3debt.co.uk.
J3 Debt Solutions (FRN933715) is an appointed representative of MoneyPlus Group Limited which is authorised and regulated by the Financial Conduct Authority. MoneyPlus Group Limited (07310059) registered office: Riverside, New Bailey Street, Manchester, M3 5FS
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J3 Debt Solutions Limited is registered in Scotland, registered company address: Suite 144, 1 West Regent Street, Glasgow, g2 1rw, SCOTLAND company registration number SC612868, Information Commissioner’s Office registration number ZA474414. J3 Debt Solutions Limited is a firm of Licensed Insolvency Practitioners. Jamie Carmichael is authorised to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants of Scotland. Our Professional Indemnity Insurer is CNA Insurance Company Limited, 13th Floor, 20 Fenchurch Street, London, EC3M 3BY and our Professional Indemnity Insurance policy number is 10321330. The territorial coverage is worldwide. The solutions on this page are only applicable if you reside in Scotland. We will only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for one of our insolvency solutions, therefore, all advice is given in reasonable contemplation of an insolvency solution