Comment on the government's consultation of the future of debt management companies

Published:

18/09/2009

Topic:

Press Release,Money,Debt

Tim Moss, head of loans and debt at moneysupermarket.com said; "This is welcome news and I applaud the government's initial move, I only hope they will now act quickly and decisively.

"The debt management industry is in desperate need of full regulation. There are currently an estimated 800 debt management companies operating in the UK, some of which are one man in his bedroom type operations, acting under no law or guidance. Without regulation debt management companies are free to act in ways that are clearly harmful to the consumer and so I urge the government to ensure this consultation yields concrete results before the situation gets completely out of hand.

"At moneysupermarket.com we have been concerned about the ethics of the debt management industry for some time. We recommend that the government look no further than the existing DEMSA (Debt Managers Standards Association) Code of Conduct, which has been approved by the OFT. The DEMSA code ensures that the debt management company abides by a strict code of ethics, to ensure the debtor is dealt with fairly."

- Ends -

Download This Press Release

Download as RTF

Related Links

Related Resouces