‘A win for individuals, creditors and the economy’
Martin Lewis, founder of MoneySavingExpert.com and the Money and Mental Health Policy Institute, said: “Debt is far more than just a financial issue. It’s a major cause of relationship breakdown, can hugely diminish people’s well-being, and sadly leaves 100,000s at risk of taking their own lives. That’s why it’s a delight to see this scheme introduced, after long campaigning, as it will truly save lives.
“It’s a win-win-win. A win for individuals as the breathing space will give them time to get their finances back on track and start to sort their debt. A win for creditors who will usually end up getting repaid more in the long run. And a win for the economy, as it means less catastrophic finances and mental health impact.
“I’m especially thrilled that our Money and Mental Health Policy Institute suggestion for ‘recovery space’ is coming into fruition as part of this. That means from now on, everyone receiving NHS crisis care for their mental health can recover without being hassled for escalating debt, fees and charges. Finally, people returning home after being hospitalised for their mental health, an extremely anxious and depressing time, can do it safe in the knowledge there’s no threat or reality of bailiffs knocking.”