Late Payment of Commercial Debts (Interest) Act 1998: Primary legislation governing the right to claim interest and compensation for late commercial payments. Sets statutory interest rates for late payments.
Limitation Act 1980: Establishes time limits for bringing claims - 6 years for simple contracts and debts, 12 years for specialties (deeds). Critical for determining if a debt claim is still valid.
Consumer Credit Act 1974: Regulates consumer credit relationships, sets requirements for information provision, and provides consumer protections. Applicable when dealing with consumer debts.
Financial Conduct Authority (FCA) Regulations: Includes CONC (Consumer Credit Sourcebook) rules, requirements for fair treatment of customers, and clear communication requirements in debt collection.
Data Protection Act 2018 and UK GDPR: Governs the proper handling of personal data and privacy considerations in debt collection communications and processes.
Pre-Action Protocol for Debt Claims: Outlines required steps before court action, specifies information to be provided to debtors, and sets timeframes for responses.
Financial Services and Markets Act 2000: Relevant when debt relates to regulated financial services, setting out regulatory framework and requirements.
Consumer Rights Act 2015: Applies to consumer debts, ensuring fairness of terms and providing consumer protections in debt collection processes.
