The Debt Respite scheme came into effect of 4 May. This gives individuals facing financial difficulties 60 days breathing space from their creditors during which they must seek professional advice too help them decide upon the best solution.
During the 60-day period, creditors are unable to send threatening letters or add interest to the debt.
It is expected that around 700,000 people will benefit from this scheme in the first year.
This scheme is going to be important now that payment holidays in terms of mortgage payments etc has ended.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.
Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements. Our MVLs are from £995 + VAT + Disbursements.