Journey out of debt

Hopefully, this post will be of help to individuals that find themselves in debt and are struggling to keep up with repayments.

It’s interesting to consider how easy it is to get into debt and how difficult to get out of debt.

In times of rising prices and high interest rates the temptation to use credit cards or other high interest charging loans to manage expenditure seems like a short-term solution that provides a simple way to balance the books.

Unfortunately, when you take out a loan or use a credit card rather more than you generally do, then you are effectively mortgaging your future income to cover the repayment of the loans and the interest charges.

The Insolvency Service (TIS) seem to be waking up to their responsibilities and on 21 March 2024, they issued a news story entitled:

“Don’t feel alone: find out the first steps in the journey out of debt”


Neil Sutton, a Senior Leader with TIS said:

“It can be difficult to see your way out of a debt cycle, and it’s absolutely not an easy step to take by yourself.

“So, working with debt advisers is important, to help you understand the implications of any solution you decide to enter.

“The government also offers a scheme called Breathing Space, which is administered by the Insolvency Service. Breathing Space lasts for 60 days, during which the people you owe money to can’t take any action against you, and interest and charges are frozen. It allows you time and headspace so you can work with a debt adviser to plan a suitable financial solution.”

More about Breathing Space

Neil continued:

“Problem debt can impact people’s physical and mental health. Breathing Space allows you to turn off that noise and work with a debt adviser to explore suitable solutions for you.

“Breathing Space itself is not a solution to debt, but a tool to help you deal with it. A debt adviser will make sure that it’s right for you.

“During a Breathing Space, lots of people do budgeting with the help of their debt advisers or see if they can access other benefits. If there’s a way forward that doesn’t involve insolvency solutions, that’s what debt advisers will help you look at.

“As with DROs, the Breathing Space scheme is delivered in partnership with the debt advice sector. ”

Useful links

If you need help, take a look at the following links published by TIS:

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