With a payment holiday, you do not pay anything to your creditors. But: Interest and charges may continue to be added and You need to make up the missed payments in the future Payment holidays are agreed between you and your lender. You cannot take a payment holiday if they do not agree to one. Breathing Space does not stop your payments from becoming due. You still need to make them. But: Interest and charges are frozen Your creditors cannot demand repayments You apply for Breathing Space via a debt advisor, who registers your details with the Insolvency Service. Your creditors must comply with Breathing Space.