A new toolkit to bring consistency to the way creditors work with debt advice agencies has just been launched by the Money Advice Service.
Working Collaboratively with Debt Advice Agencies, a ‘how-to’ toolkit, encourages creditors to examine their debt collection strategies and collaborate with the debt advice sector to better support customers in financial difficulty. The toolkit can be accessed here.
This is the first time that all major debt advice agencies and creditors have worked together to raise standards of creditor practice, benefiting both creditors and debt clients alike.
Currently, creditors have varying practices when it comes to recognising, assessing and reviewing people’s ability to repay their debts. The toolkit sets out best practice processes and case studies from creditors that already have effective partnerships in place with the debt advice sector, and has been designed to ensure flexibility to suit different types of creditors.
The toolkit was developed by Debt Advice Sector Engagement Manager, Kevin Shaw, with active input from creditors, debt advice agencies, trade bodies and other organisations to highlight diverse examples of best practice. Kevin spoke at the launch event – which was held as part of a Money Advice Liaison Group Members Meeting – also attended by Yvonne Fovargue MP, Chair of the All Party Parliamentary Group on Debt and Personal Finance.