Gov't Respite Plan To Help Consumers Address £400M In Debt

Law360, London (May 4, 2021, 2:47 PM BST) -- Britain launched a respite scheme on Tuesday that will give 60 days of breathing space to 700,000 bank customers struggling with problem debt to allow them to repay over £400 million ($555 million) to creditors.

HM Treasury said it has launched the scheme, named Breathing Space, to allow struggling consumers two months grace to get their finances in order without debts piling up further and the threat of enforcement action from creditors.

Consumers will have their interest and fees frozen for the 60 days, but the scheme is not a payment holiday, the Treasury said. Individuals must still pay off their...

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