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The UK Insolvency Helpline welcome guidelines on debt management

Added: (Sat Aug 18 2001)

Pressbox (Press Release) - An OFT consultation on guidelines to ensure that debt management companies deal fairly with customers was warmly welcomed by The UK Insolvency Helpline.

Ian Richards Senior Counsellor of the consumer advice team commented:“We are delighted that the Office of Fair Trading is taking action to introduce guidelines for debt management companies. This is very good news in terms of raising standards and providing safeguards for vulnerable people in debt. We look forward to playing our part in ensuring the consultation exercise is a success and that sound and effective guidelines are introduced as quickly as possible.“

The UK Insolvency Helpline has for some time been concerned that many people turning to fee-charging debt management companies for help in resolving their debt problems have experienced a very poor service from them, often making their debt problems worse.

The UK Insolvency Helpline report seeing a substantial number of clients of such companies who had not been given clear information about charges and the service provided, nor been kept fully informed of negotiations with creditors. Money handed over for debt repayments had in many cases not been paid promptly to creditors by the debt management company, and repayment arrangements were often unaffordable when taking into account all the customer’s debts.”

Notes to editors:

1. The UK Insolvency Helpline is the largest provider of online free, confidential and independent debt advice in the UK

2. Visit the UK Insolvency Helpline website at www.insolvencyhelpline.co.uk .
The site gives detailed information on-line and is easy to search and jargon-free.

Barry Vallence (C4 Communications) – barryvall@c4.com

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