Getting The Right UK Debt Management Advice

 If you are in debt and looking for help, you must make sure that the advice you receive applies to your personal circumstances as UK debt management laws may differ depending on where you live.

 Although general advice applies across the UK, debt regulations in Scotland are different from those in England and Wales.

A key indicator is the jargon used to explain terms - bankruptcy is called sequestration in Scotland while an individual voluntary arrangement (IVA) is a trust deed.

The principles of dealing with debt are the same wherever you live in the UK, but the legal process varies.

The Scottish legal system is very different from that in England and Wales. Anyone living in Scotland should take advice from a local independent professional familiar who should be familiar with courts and legal process north of the border.

Likewise, anyone living in England or Wales should not take debt advice from a Scottish practitioner.

The Office of Fair Trading (OFT) is ultimately responsible for regulating UK debt management.

Anyone offering debt counselling advice – as an individual or company – must have a consumer credit licence.

A problem highlighted by some independent consumer groups like Which? is many web sites and documents issued by debt advisers carry registration numbers, but the firm offering advice is not registered.

Click here to go the OFT web site which has an online search for checking out debt advisers

The debt management industry also has some trade bodies that can help anyone in dispute with an adviser.

The Debt Managers Standards Association (DEMSA) has a code of conduct for members

The Debt Resolution Forum is a similar industry organisation that helps anyone with a complaint against a member.

A valid credit licence not only shows a debt management firm is working within the law and follows OFT guidelines for dealing with clients, but importantly lets anyone with a complaint take their issues up with the Financial Ombudsman.

If in doubt, confirm your adviser has the knowledge and qualification to help with UK debt management specific to where you live.
 

 

Client Testimonials
  • We were put in touch with Pathfinder by a friend of ours when a failed business created alot of personal debt of which we had no way of being able to continue with the payments . It seemed like a jungle with no way out . Dawn Speakman of Pathfinder...
  • After drowning in debt and not knowing which way to turn I was put in touch with Pathfinder DM, through their help and guidance I am now slowly getting this under control and myself back on track, the staff at Pathfinder have been professional...
  • In early 2009, I read an article in the Salford Advertiser, for Pathfinder, a debt management company. At the time I had run up debts of 50K on various credit cards, mainly through changing jobs, along with a reduction in salary.I arranged a meeting...