New breathing space scheme will help millions of people in debt
The legislation will be introduced in time for it to be launched in 2021
A new 60-day "breathing space" period for those sinking into financial problems will help an estimated 700,000 people out of debt in the first year, according to the Treasury.
Set to be introduced in early 2021, it is estimated that the numbers helped will increase in time to more than one million per year.
The breathing space period will see enforcement action from creditors halted and interest frozen for people with problem debt.
During the period, people will receive professional debt advice to find a long-term solution to their financial difficulties.
People receiving mental health crisis treatment will receive the same protections until their treatment is complete, the Government said.Published: by Radio NewsHub