Rise in people needing ‘Breathing Space’ as debt problems grow
National Debtline responds to latest insolvency figures
Posted December 15, 2023
The Insolvency Service has today published its monthly Insolvency Statistics, showing that 7,484 people registered for the Breathing Space scheme in November 2023 – a 10% rise on the same period last year. The number of Debt Relief Orders (DROs) and bankruptcies also rose, with DRO levels up 45% on November 2022.
Responding to these latest figures, the charity behind National Debtline is urging people in financial difficulty to seek debt advice and see if they are eligible for the Breathing Space scheme. This gives people time to seek advice and make a plan for dealing with their debt, without being subject to creditor collection and enforcement activity.
David Cheadle, acting chief executive at the Money Advice Trust, the charity that runs National Debtline said:
“The ongoing cost of living crisis has stretched many people’s budgets to breaking point and we’re unfortunately seeing more people falling into financial difficulty as a result.
“Today’s figures – including another rise in people accessing the government’s Breathing Space scheme – reflect the growing number of people needing help to deal with debt problems.
“Breathing Space gives people time to seek free debt advice and find a safe route out of debt without creditors chasing them. However, many people still do not know about the scheme, or how it can help them.
“I would urge anyone who is worried about their finances to contact National Debtline for free, expert advice. National Debtline advisers can see if you are eligible for Breathing Space and, even if you aren’t eligible for this particular scheme, they will help you find the best option for you.”
National Debtline provides free, independent advice – including on the Breathing Space scheme. Contact us on 0808 808 4000 or via www.nationaldebtline.org.
