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Commons Select Committee launches inquiry into debt management


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The House of Commons Business, Innovation and Skills Committee have announced that it has launched an inquiry into debt management. see http://www.parliament.uk/business/committees/committees-a-z/commons-select/business-innovation-and-skills/inquiries/debt-managementThe Commons Select Committee website states that the inquiry will focus on the Government’s response to its consultation on Managing, Borrowing And Dealing With Debt entitled Consumer credit and personal insolvency review: summary of responses on consumer credit and formal response on personal insolvency, (published Jul and to which we submitted a response, see http://www.bis.gov.uk/assets/biscore/consumer-issues/docs/c/11-1063-consumer-credit-and-personal-insolvency-responses ) and its proposals for policies in relation to:· consumer debt; · support mechanisms for those in debt; and · the provision of credit facilities by commercial companies.Written evidence has to be sent to the Committee by close of business on Monday 14 November.

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The House of Commons Business, Innovation and Skills Committee have announced that it has launched an inquiry into debt management. see http://www.parliament.uk/business/committees/committees-a-z/commons-select/business-innovation-and-skills/inquiries/debt-managementThe Commons Select Committee website states that the inquiry will focus on the Government’s response to its consultation on Managing, Borrowing And Dealing With Debt entitled Consumer credit and personal insolvency review: summary of responses on consumer credit and formal response on personal insolvency, (published Jul and to which we submitted a response, see http://www.bis.gov.uk/assets/biscore/consumer-issues/docs/c/11-1063-consumer-credit-and-personal-insolvency-responses ) and its proposals for policies in relation to:· consumer debt; · support mechanisms for those in debt; and · the provision of credit facilities by commercial companies.Written evidence has to be sent to the Committee by close of business on Monday 14 November.

 

Hi Nick

 

Thank you for this -

 

New guidelines, protocols & regulation seem to be all the rage of late, who knows where this will all eventually lead as there does seem to be a difference this time round.

 

The fee chargers and the free sector are both keeping a very close eye on developments here I think Nick.

 

The Bis report is both interesting and fascinating - amongst others these paragraphs caught my eye

 

It was felt that some commercial advice providers steered clients towards solutions that generated income for the provider rather than having the debtor’s best interests at heart, and they suggested that there needed to be more emphasis on the regulation of providers or a better qualification regime for advice providers.

 

5.22 Some respondents considered that movement between solutions was indicative of poor quality of debt advice in circumstances where the debtor was clearly wrongly advised in the first instance and was later moved to a solution which should have been the preferred option in the first place. Respondents suggested that on occasion the advice received was deliberately misleading and aimed at maximising profit for the adviser organisation. It was pointed out by others though that poor advice was not restricted to the fee-charging providers, and could on occasions be linked to poor quality training of advisers.

 

5.23 Responses also stressed the importance and value of free face-to-face debt advice and some expressed the view that any reduction in funding would affect vulnerable debtors who were most in need of face-to-face provision. Respondents felt that debt advice needed to be accessible and that advice could be provided in a number of ways – not just on the telephone, but also face-to-face in the locations that people need it e.g. GP surgeries and hospitals, libraries, in prison and in court.

 

 

 

 

 

Edited by Wintry
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This is very interesting, prior to discovering pay plan I was very close to signing up with a company who offered poor advice in retrospect. They were going to charge me £60 per month for the privilege as well. I think one of the issues is that by the time we look for help we are usually at desperation stage although pride has a lot to answer for in my case, it was a lot easier to listen to the soft sales patter and pandering from the paid for service than to listen to the harsh realities offered by pay plan.....

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