May 04, 2021
Debt impacts millions of us in the UK – and for many families and individuals, the pandemic will have only made things worse. 
How To Start Tackling Your Debt In 60 Days
Factors that can push people into debt include major life changes (of which there have been many this past year), becoming – and staying – unwell, not getting paid, living on a low income or needing to buy new things.
If you’re kept awake at night by thoughts of your bank balance, or struggling to fend off panic attacks every time your bills go out, know that you’re not alone. Around eight million people in the UK are thought to be living in problem debt.
A government scheme, called Breathing Space, hopes to help thousands of people struggling with such debt. Those who are eligible will be offered financial advice and given respite from debt enforcement action over a 60-day period. As part of the scheme, which has the potential to help 700,000 people in England and Wales, people will receive free debt advice to help them begin the long, but ultimately rewarding, journey out of the red. 
Past research by the Money Advice Service found 65% of people who received regulated debt advice were repaying their debts or had repaid them in full within three to six months.
Being given breathing space from debt collectors is crucial to getting back on track, as research by debt charity StepChange found six in 10 people who weren’t protected from interest, charges and new enforcement action went on to take out even more credit to cope.What exactly is Breathing Space?Breathing Space is a free government scheme that aims to relieve some of the pressure of dealing with your creditors, so you can focus on getting professional advice and getting out of debt.
The hope is you’ll be able to get set up with a debt solution without worrying about being chased for payment or incurring extra charges. The scheme isn’t a payment holiday, so you’ll still have to continue paying your debts during this time (if you can afford to do so), but it does prevent action from being taken against you if you’re unable to pay.
John Glen, economic secretary to the Treasury, said of the launch: “This scheme will give people a breathing space from charges, distressing letters and bailiff visits, so they can tackle their problem debt with support from a professional debt adviser.” Who is eligible?You must live in England or Wales and you must owe at least one qualifying debt to a creditor. Most debts can be included in a Breathing Space arrangement.
There are some factors that might make you ineligible for the scheme, however.  For example, you can only access Breathing Space once in a 12-month period, and you are ineligible if you’re already on a Debt Relief Order (DRO) or an Individual Voluntary Arrangement (IVA). You also must not be an undischarged bankrupt, or subject to an interim order.
The best way to find out if you’re eligible for the free scheme is to ring up a debt advice service, which will be able to submit an application on your behalf.
Even if you are ineligible, there may be other ways to get help so it’s always worth reaching out for professional advice. You can access free advice through Citizens Advice, the charity Step Change, the Money Advice Service and National Debtline.I’m eligible – now what?You’ll be taken through the application process with a debt advisor. Once registered, the Insolvency Service will contact your creditors who won’t be able to add interest or fees to your debts, or take enforcement action, for 60 days.
People using the scheme are urged to: keep up regular payments (for example: rent, mortgage, council tax, insurance payments and utility bills); continue seeking debt advice; and avoid taking out any more credit during the 60 days.
During your time on the scheme, you’ll be in touch with a debt advisor who can help you get on top of your debt. They’ll give you advice relevant to your situation and will get you set up with a suitable ‘debt solution’.
This could be a debt management plan (DMP), which helps you to manage your debts, paying them off at a more affordable rate; a debt relief order (DRO) which sees debts written off if you have a relatively low level of debt and few assets; or an individual voluntary arrangement (IVA). The latter is a formal agreement allowing you to make affordable payments to your debts, usually over five or six years. At the end of the agreement, any unsecured debt left is written off.
There are lots of other debt solutions available, which you can find out more about here.Other options for managing debtCreate a monthly budget and stick to it. Figure out what money comes into your account each month and what goes out – are there any direct debits or standing orders you can cancel to give yourself a break? If you have lots of credit card debt, think about switching to a 0% balance transfer card so you can have a break from all of the interest that’s been accruing. Speak to lenders or landlords about the possibility of a mortgage or rent payment holiday.Find out how you can reduce your monthly bills – often simply changing bill provider for a more competitive rate can save you money in the long-term. If you tell your existing provider you’re shopping around, they might offer you a better deal to encourage you to stay.Avoid rent-to-buy schemes on items like household appliances if you can because you could end up paying four times what an item is worth. If you can’t afford to buy an item up front, it’s worth finding out whether other forms of credit might be cheaper in the long run.Related...What It's Like To Actually Live On A Free School Meal 'Hamper'‘We Are Survivors’: A Year On The Covid Front Line For 6 British WomenWant To Dejunk? Here Are The 5 Best Sites To Shift Your StuffStruggling To Save? Here Are Four Top Tips On How To Get StartedMoney-Saving Tips For Every Room In The HouseThis Seven Step Plan Will Freshen Up Your Finances For 2021How 'Buy Now, Pay Later' Schemes Like Klarna Are Changing
Related Stories
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Politic
Mary Trump 'energized' as uncle 'Donald's campaign spirals into chaos'
Mar 29, 2024
Donald Trump's campaign is in chaos, and his niece says she's energized.Mary Trump, the niece of the former president and a psychologist by trade, has previously been critical of her uncle.On Thursday, she said her uncle's failures are adding up.ALSO READ: A neuroscientist reveals how Trump and Biden's cognitive impairments are different"As the RNC’s fundraising falters and Donald’s campaign spirals into chaos, I am energized!" she said in a Substack post.She then continued:"When Donald dominates the news cycle, it’s hard not to feel overwhelmed. Every bad headline has a negative impact. But then I remember something crucial: There’s usually more to the story than meets the eye. I’m determined to cut through the media noise and share with you all the good that happened this week. These are the headlines we need to remain energized and hopeful that the media largely ignored."Mary Trump goes on to highlight President Joe Biden's recent fundraising hauls."President Biden’s $155 million+ war chest has just received another turbo boost, bringing the total of cash on hand to at least $180 million. (By comparison, between his campaign and the RNC, Donald barely has over $50 million — and continues to drain the accounts to cover his absolutely staggering legal expenses)," she wrote. "This is a development that could significantly increase Biden’s ability to influence the narrative in crucial swing states."This, she says, also tells us a lot about voter excitement for Biden."While critics have expressed doubts about the degree to which the Democratic base is fired up as compared to 2020, today’s $25 million fundraiser, raised with donations ranging from $250 to $500,000, should put any doubts to rest — yes, we are absolutely behind President Biden and Vice President Harris and we’re in this fight until the end," she wrote.Read the full post here.
READ MORE
Celebrity News

> Latest News in Media

Watch It
Ruby Franke’s Husband REVEALS Alleged Rules He Had to Follow at Home | E! News
March 28, 2024
_mU-3lE2QwI
#KenanThompson speaks out following the #QuietonSet documentary. (🎥: Tamron Hall Show) #shorts
March 28, 2024
8AGP-Gfw_Ek
King Charles Shares "Great Sadness" at Missing Royal Appearance | E! News
March 28, 2024
lyizFqf1kQY
Martha Reeves Walk of Fame Ceremony
March 27, 2024
QzyezumEPtQ
Eminem, 50 Cent & Snoop Dogg Present Dr. Dre with a Star on the Walk of Fame
March 19, 2024
4bNLs1hxVp8
Opening Remarks for the Variety Summit October 20th, 2023 Jay Penske
March 18, 2024
c6Z707iLq8E
Montell Jordan Dishes On Young MC Wedding, 'This Is How Date Night' Plans | TMZ
March 28, 2024
G3SMExj-qio
Davina Potratz Says TV Not Helping 'Selling Sunset' Relationship Woes | TMZ
March 28, 2024
D4piy4GNm4k
Logan Paul Rips Graham Bensinger Over Documentary, You Promised Apple TV+ | TMZ Live
March 28, 2024
NiSDpZhZklQ
Prince William pinned royal medal to Spice Girl Mel B’s boobs #shorts
March 28, 2024
O1cQ0UW9pco
Jennifer Garner shares ‘hard’ part of raising her and Ben Affleck’s kids
March 28, 2024
3Q7mZaVUdgc
50 Cent's ex Daphne Joy named as an alleged sex worker in Sean ‘Diddy’ Combs lawsuit #shorts
March 28, 2024
yhLFI8DG9rM
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
28
Mar
CHAMPIONS LEAGUE: Playoffs - Women
PSG W - Hacken W
28
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Barcelona W - SK Brann W
27
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Chelsea W - Ajax W
27
Mar
CHAMPIONS LEAGUE: Playoffs - Women
Lyon W - SL Benfica W
17
Mar
SPAIN: La Liga
Atletico Madrid - Barcelona
17
Mar
ENGLAND: FA Cup
Manchester United - Liverpool
17
Mar
ITALY: Serie A
Inter Milan - Napoli
17
Mar
GERMANY: Bundesliga
Borussia Dortmund - Eintracht Frankfurt
17
Mar
ENGLAND: FA Cup
Chelsea - Leicester City
17
Mar
ITALY: Serie A
Roma - Sassuolo
17
Mar
ITALY: Serie A
Verona - AC Milan
17
Mar
ITALY: Serie A
Juventus - Genoa
16
Mar
GERMANY: Bundesliga
Darmstadt - Bayern Munich
16
Mar
ENGLAND: FA Cup
Manchester City - Newcastle United
16
Mar
ENGLAND: Premier League
Fulham - Tottenham Hotspur
16
Mar
SPAIN: La Liga
Osasuna - Real Madrid
13
Mar
CHAMPIONS LEAGUE: 1/8 Final
Atletico Madrid - Inter Milan
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Barcelona - Napoli
12
Mar
CHAMPIONS LEAGUE: 1/8 Final
Arsenal - Porto
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.