The Debt Management Plan Protocol

[Ford]

for info, the BIS DMP Protocol;

 

http://www.insolvencydirect.bis.gov....%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