New debt recovery regulations are coming into force on the 1st October 2017 and Smith Partnership is helping businesses prepare for this change.
The new regulations, formally referred to as the Debt Recovery Pre-action Protocol were recently announced. They aim to improve the legal process and encourage better communication and paperwork issued between all parties; to resolve disputes before court proceedings are instigated.
One of the fundamental changes to the rules is the removal of the usual 7 day demand letter. A new Letter of Claim is being introduced, which will give the individual 30 days to respond, and will have to include a series of documents to prove the validity of the debt, and all the key documentation of the business transaction.
Smith Partnership is encouraging businesses to seek advice on the new regulations as soon as possible.
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