DRF Welcomes New Debt Management Guidance From OFT

New guidance from the Office of Fair Trading will be examined by the trade body, which will formalise best practice already undertaken by DRF members.

Debt Resolution Forum, the training, monitoring and representational body for fee-charging debt resolution companies welcomed the publication of proposed new debt management guidance by the Office of Fair Trading today, Tuesday June 14.

Commenting David Mond, DRF Chairman and CEO of debt resolution company, ClearDebt, said:

“Whilst we need to examine the consultation document in detail, in many respects, the new guidance just formalises best practice as already undertaken by the majority of DRF members.

“We particularly welcome new recommendations that debt resolution companies should be independently audited every year and that staff should be trained to standards akin to our advanced BTEC – the Certificate in Debt Resolution.

“DRF provides independent audit through its association with government-trusted regulator, the Insolvency Practitioners Association (IPA) and DRF’s members are therefore already ahead of the game.

“DRF is also pleased to see the new requirements on lead introducing companies which, we believe, will put an end to needless cold-calling and ensure consumers are clear whom they are dealing with. DRF has just introduced a new membership category for lead introducers, who will be able to be audited to verify their compliance with the OFT’s guidelines and will thus be able to assure DRF members that they are working with partners whose standards match their own.

“We were very pleased to note that the guidance incorporates an amendment put forward by DRF which will allow reputable debt resolution companies to make monthly payments to the creditors of weekly-paid debtors, something which has previously disadvantaged the lowest paid”.

– ENDS –

Note for Editors:

The Debt Resolution Forum (DRF) is the largest training, monitoring and representational body for fee-charging debt resolution companies. It is the training and examination centre for the sectors leading qualification – the level three BTEC Certificate in Debt Resolution (CertDR), currently held by more than 100 advisors and being studied for by nearly 300 more. DRF members are required to subject their procedures, processes and marketing materials to annual onsite inspection by insolvency recognised professional body, the Insolvency Practitioners Association (IPA). Customers of DRF members have recourse to an independent complaints panel, with a majority of lay members, chaired by David Hawkes – the National Money Advice Co-ordinator at the Charity Money Advice UK.

The OFT’s press release can be found here:

And the full document here:


Please contact DRF spokesperson, Andrew Smith:

Tel: 0161 968 6825
Mobile: 0791 240 7532

email: andrew.smith@debtresolutionforum.org.uk
Twitter: @Andrew_F_Smith, @DRF_UK


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