Mark Taylor, partner, introduces the latest credit unions law lines publication and looks at some of the challenges and changes ahead for the sector.
At Wilkin Chapman solicitors, we understand that the recovery of overdue monies continues to be a challenge for many Credit Unions, ensuring that bad debt ratios remain as low as possible to maintain sustainable growth.
Also, working within the consumer sector places an additional burden on internal resource, to ensure that procedures remain compliant with the various regulatory framework requirements.
In this issue of Credit Union law lines, we look at some of the challenges and changes ahead and explain in more detail about some of those changes, including:
An update on Pre-action Protocol (PAP) for debt recovery
New insolvency rules - April 2017
Corporate and 2nd charge lending