- The Government have now backed down on suggested changes to the Civil Law Reform Bill – to a chorus of relief in the credit industry.
The proposed reform was to half the period in which civil debts can be collected from 6 years to just 3 years.
This could well have seen businesses forced to write off millions of pounds of bad debts.
Statute of Limitation threat ‘disappears’…
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Office move a great success
In November 2009, the LEGALITUM brand website and CMS systems were all acquired by ‘Debt Recoveries and Collections ltd’ for an undisclosed sum and the business has now successfully completed its move into its prestigious new offices in the heart of Chester.
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New Government Debt Initiative welcome?
- The Government plans to change the eligibility criteria for a Debt Relief Order to enable people with small pensions to be able to apply for this low cost debt solution.
Insolvency practitioners had complained the existing eligibility criteria excluded individuals who had built up a small pension. A recent survey showed over 95% of people were excluded because of their pension and of those around 75% had a pension pot of under £5000.
DRO’s were introduced as a low cost alternative to bankruptcy aimed at those with debts of less than £15,000 and with assets of less than £300 (up to £1k if they owned a car) and less than £50 surplus income a month.
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SmartSmoker Inc
Mr M Reckless MD of SmartSmoker Inc (www.smartsmoker.co.uk) world wide leading Distributor of market leading brand of electronic cigarettes had this to say: ” When it comes to chasing our debtors, I am more than happy with the level of service and expertise we get from our designated team at Debt Recoveries”