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Leading money advice charities are calling on the credit industry to join them in a conversation about how debt collection practice can be improved.
AdviceUK, Citizens Advice, the Institute of Money Advisersand the Money Advice Trust have published a report exploring debt collectionpractices. ‘Do the right thing’argues that helping people in debt to pay back debts in a way that suits theircircumstances is also advantageous for creditors and advice agencies.
Thereport is based on the experiences of advisers from across the free-to-clientdebt advice sector as well as interviews with creditors, and sets out five steps creditors should take to achieve bestpractice in debt collection:
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AdviceUK, Citizens Advice, the Institute of Money Advisersand the Money Advice Trust have published a report exploring debt collectionpractices. ‘Do the right thing’argues that helping people in debt to pay back debts in a way that suits theircircumstances is also advantageous for creditors and advice agencies.
Thereport is based on the experiences of advisers from across the free-to-clientdebt advice sector as well as interviews with creditors, and sets out five steps creditors should take to achieve bestpractice in debt collection:
- Setting the right organisational culture;
- Achieving the right motivation for debt collection staff;
- Developing clear and encouraging communications;
- Providing information and support; and
- Being willing and able to maintain and develop best practice.
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