Landlord, Lettings Agents in Bath, News, Tenants

The Debt Respite Scheme: how does it affect tenants & landlords?

Reside General Manager Toby Martin explains the impact of the government’s new debt relief initiative.

May was Mental Health Awareness Month, a very apt time for the government to launch the Debt Respite Scheme, also known as ‘Breathing Space’.

The purpose of the scheme is to provide a temporary period of respite from creditor action to help people in problem debt, for example a tenant in rent arrears, consider their options and engage with professional debt advice.

A Breathing Space moratorium will provide protections to those in problem debt by pausing enforcement action and freezing charges, fees and interest for up to 60 days. It is not a payment holiday and certain debts, including rent, are considered ‘ongoing liabilities’.

“Breathing Space will… encourage more people to seek advice, and when they do, there will be better protections in place to stop further harm and help recovery.”
Phil Andrew, CEO of StepChange Debt Charty

There is also an alternative way into the scheme for people receiving mental health crisis treatment. A mental health crisis moratorium has some stronger protections and lasts as long as a person’s mental health crisis treatment, plus 30 days.

A Breathing Space moratorium can only be accessed once every 12 months, but there is no limit to the number of times that an individual can enter a mental health crisis moratorium.

Anyone looking to start a Breathing Space must first seek advice from a debt service provider who is authorised by the FCA to offer debt counselling or a local authority. They will determine whether the individual qualifies for a Breathing Space and, if so, will contact any creditors to notify them of the moratorium.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

    
 
 
          Tracy Warren 
 
 
 
  Even though we didn’t end up renting a place through Reside, Chris and Lisa were so incredibly personable, helpful and welcoming. Would highly recommend and will be heading there when ready to buy. 🎉
  
 
         eve mcculloch 
 
 
 
  The team at Reside could not have done more for me.  They supported me throughout the whole process when at times I probably drove them mad. I am now in a lovely home and it’s very much thanks to Lisa and Emma.
  
 
         Andy Moore 
 
 
 
  My experience with Chris Gray was just perfect. An incredibly friendly individual that really did go above and beyond to make sure I was taken care of. The whole experience was genuinely fun which says a lot for a process that can often be stressful! Don’t see myself moving again anytime soon but if I was to, I’d hope it’d be Chris helping me out again!
  
 
         Yoanna Iliadis 
 
 
 
  I am delighted with my experience with Reside! Lisa and Chris went out of their way to help throughout the process. Highly recommend x
  
 
         Niels Westberg 
 
 
 
  It has been a pleasure to have been able to do business with Reside Bath. Their people are highly efficient and utterly charming with it. I imagine that they can have few peers. I can recommend Reside Bath without reservation.
  
 
         Clod 
 
 
 
  Reside were my letting agents for five years and were fantastic. They always looked after me and my tenants and made renting my flat stress free. I’d recommend them as the first choice for letting. I then marketed my flat for sale with them and they were great again. It was a frustrating and long process through no fault of Reside or Lisa, my agent. Lisa kept me informed throughout and was a good listener when things got tough. Thanks for getting me there! Claire
  
 
         Mark Holton 
 
 
 
  Had great service from Lisa and the team at Reside, while exploring properties in Bath. We were delighted with the flat we found. The process from viewing to moving in was extremely smooth, with Lisa resolving any queries at pace along the way.
  
 
         yasmin kaye 
 
 
 
  Lisa at Reside has been absolutely amazing - we had a difficult rental search and she did everything she could to help us, finding us a wonderful flat. Recommend her and the team wholeheartedly!
  
 
         David Cox 
 
 
 
  Hello, and happy whatever day it is to you when you are reading this! ✨ My move to my new letting property with Reside was seamless. From the viewing, financials, help, and guidance, everything went through kindly, quickly, and with helpful attention. Chris, was especially helpful and I honestly felt prioritised as he could see how much the move meant to me due to being a dog owner. @Chris thank you again for everything, it really is much appreciated. ✨ Reside are instantly contactable and I cannot recommend them enough. I am a landlord myself, and I know the importance of such attention to detail and kindness. ✨ 10 out of 10, cannot recommend enough! ✨✨✨✨✨✨✨
  
 
         Elizabeth Thornhill 
 
 
 
  I contacted Lisa at Reside last week and arranged rental viewings in Bath.  It was a seamless process from beginning to end.  Lisa was extremely helpful and informative about the city and if I hadn't had an offer accepted on a purchase a few days later, would certainly have taken one of the properties she showed.  Lisa was a breath of fresh air in addition to being professional and very knowledgeable about the local market.  I can't recommend Reside or Lisa more strongly.