In the October 2025 column, George Spence-Jones considers whether the principal sum in a credit agreement of a “secured debt” is a “qualifying debt” in the context of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (SI 2020/1311). This follows the Court of Appeal decision in Forbes v Interbay Funding Ltd [2025] EWCA Civ 690.
This month’s column considers whether the principal sum in a credit agreement of a “secured debt” is a “qualifying debt” in the context of the Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 (SI 2020/1311) (Regulations).
It follows the Court of Appeal decision in Forbes v Interbay Funding Ltd [2025] EWCA Civ 690 (06 June 2025). The appellant, Mr Forbes, was subject to a mental health crisis moratorium after defaulting on loans from Interbay and Seculink that were both secured on property. The central issue was whether the principal sum due under these loans was a “moratorium debt” under the Regulations. If determined as such, this restricts creditors’ enforcement rights and interest accrual during the moratorium.
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