Biz Made To Drop 'Thuggish' Debt Letters Under New Rules
Law360, London (October 7, 2020, 1:18 PM BST) -- Letters sent by banks and other businesses to customers who are falling behind on payments should be less threatening, and legal jargon should be replaced with language that is easier to understand, according to new rules announced by HM Treasury on Wednesday.
The language and presentation of the details permitted in debt reminders will changed under new legislation, which will restrict the amount of information that must be displayed prominently for customers.
Lenders will also have to use bold or underlined words instead of capital letters, which are considered to be intimidating. The legal terms in the reminders will have to...
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