New Pre-Action Protocols for Monies owed to Corporates by Individuals come into effect 1st October 2017
New pre-action protocol rules, setting out a process for dealing with individual debts owed to corporate bodies prior to the issue court proceedings that are not covered for example by consumer credit act debt (under the FCA Handbook), comes into place in from the 1st October.
Much Personal Guarantee debt falls outside of the FCA Handbook Rules because of amount or nature and so this will be a catch-all for those not covered.
To be honest it does not stray very far from the process we effectively follow anyway but at least now it is set out in this way it may bring some of the more aggressive pursuers to the table more, which is partly what it is designed to do.
The protocol is set out here by the government: CLICK HERE
and solicitors The Wilkes Partnerships have set out an interesting perspective: CLICK HERE
28 July By Mel Loade