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New Debt Collection Regulations
As from 1st October 2017, new regulations will be introduced governing debt recovery procedures involving claims against sole traders and individuals.
The new regulations are set out in the Pre-Action Protocol for debt recovery.
The two major changes concern the time which the debtor is allowed to respond to the “letter before action” and the information and documentation which the letter of claim must contain.
Firstly, the letter before action allows the debtor 30 days to pay/respond instead of the previous 7 days.
Secondly, it must set out a great deal of additional information including:-
These changes clearly give the debtor an inordinate amount of additional time in which to pay overdue accounts, particularly given the fact that businesses will already have carried out their own internal credit control procedures.
Our team are always available to offer advice and support with regard to these new regulations and if you would like any additional advice or assistance, please feel free to telephone us at any time on 01922 618890.
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