The PAP (Pre-Action Protocol) for Debt Claims comes into force on 1st October this year and many organisations, concerned about the possible time delays involved in securing funds from debtors, are ramping up their aged debt recovery activities over the next few weeks before this happens.
This new PAP, solely focused on Consumer Debts, is designed to encourage early engagement and communication between parties, and enable the parties to resolve matters without the need to start court proceedings.
But it could also allow experienced debtors to extend their terms of credit to 90 days, should they be minded to, by working to the new protocol before a decision is taken to go to court.
So in trying to make sure that all old debts are managed before the new PAP starts, companies are spending time ensuring they have up to date information on their debtor, including employment, telephone, email and even social media details, to ensure any communications hit the spot on the first attempt.
Here at SIRS, one of the UK’s leading research and investigation companies, we understand the importance of getting clear, accurate information right the first time. We provide up to date addresses, and where ever possible telephone numbers (landline and mobile) and email details, to ensure any action you are taking has the correct contact details.
Also, we are able to provide background information on individuals to help you assess the recoverability of your debt. From basic employment details through to a detailed report on say a company director, including assets such as property or vehicles, our clear concise reports help you to build a profile of an individual to help give you a clearer indication as to whether recovery is possible.
SIRS is a vastly experienced team of investigation specialists, assisting insolvency practitioners, solicitors, credit professionals, and finance companies, and in addition, following a successful EU tender, we are the appointed investigation agents for the Government Agency, The Insolvency Service.
With five offices in the UK and a network of established agents worldwide, we are able to provide a comprehensive range of services, including, the location of assets, tracing individuals, fraud investigation, surveillance and process serving.