Effective from 04 May 2021, HM Treasury has created a new scheme to encourage people with ‘problem debt’ to access professional debt advice. The Debt Respite Scheme (Breathing Space) gives someone in problem debt the right to legal protection from their creditors on eligible debts, whilst they seek debt advice.
Problem debt is when someone is struggling to repay the money they owe to their creditors (for example, Moneybarn).
We are unable to assess a customer’s eligibility for Breathing Space under the Debt Respite Scheme. You must seek advice from an FCA Authorised Debt Advisor or a Local Authority (if they can provide debt advice to residents) and discuss with them your eligibility for the scheme. A few options available are StepChange, Citizens Advice, and Debt Support Trust to name a few, but you can find more about the support available for people experiencing financial difficulty.
Moneybarn agreements are considered a secured debt, which simply means the debt is for an asset i.e., vehicle finance. Therefore, your chosen FCA Authorised Debt Advisor will only be able to provide you with Breathing Space for arrears on your account, but not for your normal monthly payments. Where you can, please continue to make your monthly payments as failing to do so could negatively impact your credit score. Our Customer Services Team will happily talk you through our support options as where we can we want to be able to keep you in your vehicle.
Effective from 04 May 2021, HM Treasury has created a new scheme to encourage people with ‘problem debt’ to access professional debt advice. The Debt Respite Scheme (Breathing Space) gives someone in problem debt the right to legal protection from their creditors on eligible debts, whilst they seek debt advice.
Problem debt is when someone is struggling to repay the money they owe to their creditors (for example, Moneybarn).
We are unable to assess a customer’s eligibility for Breathing Space under the Debt Respite Scheme. You must seek advice from an FCA Authorised Debt Advisor or a Local Authority (if they can provide debt advice to residents) and discuss with them your eligibility for the scheme. A few options available are StepChange, Citizens Advice, and Debt Support Trust to name a few, but you can find more about the support available for people experiencing financial difficulty.
Moneybarn agreements are considered a secured debt, which simply means the debt is for an asset i.e., vehicle finance. Therefore, your chosen FCA Authorised Debt Advisor will only be able to provide you with Breathing Space for arrears on your account, but not for your normal monthly payments. Where you can, please continue to make your monthly payments as failing to do so could negatively impact your credit score. Our Customer Services Team will happily talk you through our support options as where we can we want to be able to keep you in your vehicle.
If you’re experiencing financial difficulties, we want to help. Please take a look at the different support available to you and together we’ll find a solution suitable for your personal circumstances.
You can call our Customer Services Team on 0330 555 1230. Please see our contact us page for opening hours.
If you’re experiencing financial difficulties, we want to help. Please take a look at the different support available to you and together we’ll find a solution suitable for your personal circumstances.
You can call our Customer Services Team on 0330 555 1230. Please see our contact us page for opening hours.
Moneybarn is a member of the Finance and Leasing Association, the official trade organisation of the motor finance industry. The FLA promotes best practice in the motor finance industry for lending and leasing to consumers and businesses.
Moneybarn is the trading style of Moneybarn No. 1 Limited, a company registered in England and Wales with company number 04496573, and Moneybarn Limited, a company registered in England and Wales with company number 02766324. The registered address for these companies is: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3LJ.
Moneybarn’s VAT registration number is 180 5559 52.
Moneybarn Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702781)
Moneybarn No. 1 Limited is authorised and regulated by the Financial Conduct Authority (Financial Services reference No. 702780)