Debt Management Plan Protocol

[Ford]

for info, the BIS DMP protocol;

 

http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/Debt%20Management%20Plan%20Protocol%20Final%20Version.doc

 

'This Protocol aims to protect and promote the needs and best interests of consumers who take out debt management plans (DMPs). In particular, it aims to ensure that consumers who choose a DMP subject to this Protocol are assured of a high standard of service that is demonstrably in their best interest and is fully compliant with statutory requirements and best practice

All providers who offer protocol DMPs must ensure that they comply with the terms of this protocol and with relevant OFT consumer credit guidance. A provider cannot claim to comply until they have been through the monitoring process and have been cleared by the Standing Committee (see paragraph 14) as up to the standard required by this Protocol......'

 

'Compliance with the terms of this protocol should be incorporated within the appropriate best practice lending code to which the creditor subscribes. Compliance with the terms of this protocol, including acceptance of pro rata payments, should be regarded as an appropriate business practice towards compliance with relevant OFT consumer credit guidance'

 

etc

[Wintry]

Hi Ford

 

 

Interesting read

 

 

W

[Ford]

hi

 

it has since been incorporated into the lending code re recent revision at para 218, 261 http://www.lendingstandardsboard.org.uk/docs/lendingcode.pdf

 

albeit voluntary, suppose the 'proper' dmc's will subscribe to the protocol? see further Protocol info, eg the Q&A, subscribers, etc here, as linked in the lending code; http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/policychange.htm

[Wintry]

hi

 

it has since been incorporated into the lending code http://www.lendingstandardsboard.org.uk/docs/lendingcode.pdf

 

albeit voluntary, suppose the 'proper' dmc's will subscribe to the protocol just now? see further Protocol info, eg the Q&A etc here, as linked in the lending code; http://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/policychange/policychange.htm

 

Hi

 

Thanks

 

It is getting quite interesting!

 

W

[Ford]

hi

interesting the approved applications (though there may be more) mentioned in the Protocol update in that insolvencydirect link

 

do you think that the protocol is a good move, with bite?

[Wintry]

hi

interesting the approved applications (though there may be more) mentioned in the Protocol update in that insolvencydirect link

 

do you think that the protocol is a good move, with bite?

 

Hi Ford

 

An interesting situation, some of it looks positive, the fee chargers have to get the balance right as no doubt they are aware:)

 

I'm not exactly sure on what I think at this stage.

 

I'm still studying the form book so too speak:)

 

W