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Sunday, 17th March 2013
New protection for those consumers paying for debt advice
The new Debt Management Plan (DMP) Protocol
Consumers who pay for advice about managing their debts are now protected by the new Debt Management Protocol, launched by the government in February 2013 to drive up standards in the debt management industry.
The key points of what the protocol means to the consumer and to debt advice firms are as follows
Debt Management Plan Firms that sign up to the protocol must:
Those creditors that feature in the new Protocol will have 10 working days to get the information to the DMP provider and must
A debt management firm that adheres to the protocol offers reassurance to a consumer paying for debt advice that the firm observes these minimum standards.
Debt Management plan providers cannot say they are compliant until they have passed a rigorous examination by a competent body when they will then be able to display a badge/logo on their website headed paper etc denoting their compliance.
Who regulates debt counselling?
From April 2014 all debt counselling came under the city regulator, the Financial Conduct Authority (FCA)
So just how easily can you spot that dodgy debt advice website?
You can do this in about one minute of your time, that’s all, and if you find that even just one of the 7 points in our guide applies to the website you are looking at then the alarm bells must surely ring out.
Where can I get debt advice?
Or click on the following link to get details of other free organisations, including debt charities.
Take me to free debt advice agencies