Yesterday’s arrival of Breathing Space should be celebrated. Lenders’ forbearance obligations were already a core regulatory requirement of collections activities. Strengthening that requirement, and extending it to non-regulated debt, can only be positive. It is just another example of the regulator’s and government’s increasing expectations of how businesses protect vulnerable customers.
Miss the biggest fin-tech story of the month? In this article, we’ve put together a round-up of articles on the breathing space announcement.
Please note: The insights provided in this section are commonly republished from third-party sources. Articles are the exclusive opinions of the authors. PrinSIX Technologies Ltd accepts no liability for their accuracy or for any consequential impacts of any actions resulting from the use of this information.
- BBC News – People in problem debt get 60-day break scheme
- Gov.uk – New scheme to give people in problem debt breathing space launched
- FT Adviser – Treasury launches ‘breathing space’ scheme for problem debt
- Yahoo finance – Scheme launched to support people struggling with debt
- Money Saving Expert – New help for millions in debt crisis – you can now get two months’ ‘breathing space’ from interest and enforcement action