arrears (1)

Have tenants in arrears? You need to be aware of this new law

From 4 May 2021, your agency could be blocked from charging late fees, compounding interest on missing rent and taking any enforcement action over debts, thanks to the new Debt Respite Scheme (Breathing Space) Regulations in England and Wales.

This new piece of legislation was enacted by Parliament in October last year to give breathing space to anyone committed to addressing their debt through a Financial Conduct Authority (FCA)-authorised debt advisor or the tenant’s local authority.

 

Click on this link to read the full article.

 

 

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