September 2009

Government To Consider Tighter Debt Management Regulation

The Ministry of Justice has launched a consultation process on the regulation of debt management companies. The consultation paper will explore whether regulated schemes should be introduced, how they would work and whether tighter non-statutory regulation of current schemes would be more appropriate.

Debt Advice Foundation welcomes the move, which combines two of the charity’s central campaigning objectives; tighter regulation of Debt Management schemes and the appropriate application of such schemes for the benefit of both debtors and creditors.

Numbers Seeking Debt Advice Soars

New figures show Citizens Advice Bureaux in England and Wales dealing with 9,300 requests for debt advice every working day. This is a 27% increase in the three months to the end of June 2009 compared with the same period last year.