Client story: A Director’s Breathing Space experience

Written by Hannah S on 5 November 2021

Client A is a Director of a Limited company that specialises in training and mentoring. He shared his thoughts on how Breathing Space improved his financial situation:

You mentioned that you wanted Breathing Space to give you some legal protection from creditors – do you feel this happened?

Yes it did – however, several of my creditors weren’t well-prepared for it. They seemed to be unaware of the legislation and I still got letters from them. Once they were aware, they did leave me alone. PayPlan has been very helpful and all the companies they approached have accepted the proposals.

Unfortunately, the creditors for my business debts are still being fairly aggressive.

How has Breathing Space helped you sort out your situation?

The fact that Breathing Space exists is because it gives you time to think about your next steps when you have got creditors on your back. PayPlan seems to be the most switched on of the companies handling the Breathing Space scheme – I’m grateful to them for their help and support.

What would you say to anyone else considering the Breathing Space scheme?

I highly recommend it because it moves the power away from the creditors during the 60 day period and allows you to reach a sensible solution moving forward.

I’ve now got my debts under control in a Debt Management Plan (DMP) and feel much better about the future. On a personal level, I found it very helpful and
am very grateful to PayPlan for turning it around in 24 hours – I was really impressed with that.

What do you feel was the most beneficial part of the scheme?

The fact that PayPlan took control of it all and the sheer speed of the response. I was particularly impressed that PayPlan could turn it around in 24 hours and creditors were notified electronically within that time period. PayPlan’s service has been incredibly switched on and very efficient.

Find out more about the Breathing Space scheme here.

Filed under Client Stories

This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.

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