Launching a debt recovery pre-action protocol toolkit

We held an event to help senior credit professionals learn about how the introduction of the Debt Pre-Action Protocol will dramatically change the world of credit.

On the 22 June 2017, senior credit individuals gathered at Derby County Football Club to attend an event hosted by our Debt Recovery team to learn more about the pre-action protocol and the implications and requirements this will impend on the role of credit professionals.

All attendees also received a copy of our pre-action protocol toolkit, which has been designed specifically to help guide credit professionals through the pre-action protocol changes containing various checklists, flowcharts, tips and a timeline.

Qamer Ghafoor commented:

“If you adapt early and anticipate the changes that are needed, the effect on your costs and time expended to recover debt can be minimised. It is an ideal opportunity to tighten and improve your in-house credit control procedures. Creditors may wish to reduce the timescales of their overall credit control process and increase the number of early referrals to their legal partners, in order to deal with the requirements of the PAP and start the debt recovery process sooner”.

Lorna Trueman also commented:

“The steps creditors need to take against individual debtors and sole traders will change and creditors may need to adopt different processes to deal with different debts within their business, the introduction of the new protocol means that it is now more important than ever that you know your customer at the time you enter into a contract or agreement”.