How to reclaim a debt: The Pre-Action Protocol for Debt Claims скачать в хорошем качестве

How to reclaim a debt: The Pre-Action Protocol for Debt Claims

Notice: This video is an introduction and is not intended to be comprehensive legal advice. It sets out the basic points and the main principles of the subject covered. It is a summary and is in no way a substitute for carefully considered legal advice. Please speak to a lawyer for advice on your specific circumstances. In this video, Liam discusses how to go about reclaiming your debt while following the required Pre-Action protocol for Debt Claims. Business disputes, especially when it comes to debt recovery, can feel like pulling your teeth out. To complicate things, the rules regarding correct legal processes change regularly. But while they may seem confusing, at heart these rules are trying to make debt recovery as painless as possible. Formal action against the debtor must start with the sending of a formal Letter of Claim, with a blank reply form and a financial statement. The reply form is to confirm whether or not they accept that the debt is due, while the statement is to set out their financial position so both parties can negotiate a payment arrangement. Once the Letter of Claim is received, the creditor must wait at least 30 days for a response before issuing proceedings. However, once the debtor has returned the required information, the creditor must then wait another 30 days from the receipt of this reply. This essentially creates a buffer of 60 days that the creditor must wait before taking the dispute to court. Of course, this is an extra two months for the dispute to be resolved organically. If a business creditor issues any proceedings having failed to follow the Pre-Action Protocol, they are likely to be met with criticism by the court. I would therefore advise that if you are owed money you should consider starting formal action swiftly, given the increased time that must have passed before you are entitled to seek recovery through the court.