New report on fee charging debt management underlines the need for an industry protocol for DMPs.

The Debt Managers Standards Association (DEMSA), the principal trade body in the professional debt management sector, today responded to a report on debt management, commissioned by Lloyds Banking Group and the Money Advice Trust. The report states that there are serious concerns over the practices of some fee charging debt management companies. Commenting on the report, Michael Land, Chairman of DEMSA, said:

“As an organisation that has long worked to improve standards in the sector DEMSA is naturally concerned by the conclusions of this report. It is our firm belief that customers should receive a consistently high level of service in the quality of advice they receive, regardless of who provides this.

“The concerns which this report points to are the precise reasons why we need to implement an industry wide Debt Management Plan Protocol, as demanded by the Government. The Department of Business wishes to have agreed a common standard of best practice across the debt advice landscape by the end of November 2012. This would undoubtedly tackle many of the problems this report focuses on and give consumers the confidence they deserve.....Read more here: New report on fee charging debt management underlines the need for an industry protocol for DMPs

Aug 2011 AAD Blog Pages: DEMSA partners with IMA announced to raise fee-charging debt advice sector - allaboutFORUMS