Debt Management Report

[Angry Cat]

Business, Innovation and Skills Committee publishes report on debt management - News from Parliament - UK Parliament

[labman]

Re: Debt Management Report

3. On Debt Management Companies

• The Government must work to phase out up-front fees – the provision of guidance on this point by the OFT is inadequate.
• The Government introduce the necessary regulations to ensure companies publish the cost of their debt advice and their outcomes, if an agreement cannot be reached during discussions with the industry.
• The Government should establish effective auditing of Debt Management Companies' client accounts.

"Greater transparency in the commercial debt advice market will benefit consumers hugely.

The Committee feels that voluntary codes of practice are highly unlikely to achieve this aim.

The Government must be prepared to regulate if consumers are to receive the protection and the level of information they require."

I found this interesting. Why don't the government do away with these companies altogether? There are plenty of free Debt Management Companies (Charities) capable of doing just as good a job. Many smaller ones stick to just DMP's, but many larger ones do the Insolvency areas.

I really hate to see consumers being charged for something they can access free, unless there is a clear benefit to paying for the service.

[Angry Cat]

Re: Debt Management Report

Call for tighter controls on payday lenders | Money | guardian.co.uk

[Latch Key Kid]

Re: Debt Management Report

Business, Innovation and Skills Committee publishes report on debt management - News from Parliament - UK Parliament

Hi Angry Cat

Interesting report

So many things seem to be up in the air at the moment with contradiction and uncertainty being the in words again (remember the near FIF debacle around this time last year).

It looks like there really could be some interesting times ahead as far as the debt advice sector is concerned, both free and profit making.

Fascinating stuff and perhaps some old alliances under strain and maybe not quite what they used to be, thats if they ever really were in the first place (this might eventually turn out to be an understatement)

I dont think anybody can safely predict what will happen with this one.

Too many people in ivory towers out of touch with the coal face (and with the people in debt) if you ask me.