Debt management schemes
Status: Closed - with response
Open date: 18 September 2009
Close date: 18 December 2009
Responses published: 15 October 2010
A consultation on a range of possible options for improving the way that many debtors deal with indebtedness. These options provide an opportunity for people to be able to repay their debts in a controlled and managed way.
Consultation paper
- Debt management schemes - consultation paper (PDF 0.28mb 56 pages)
- Debt management schemes - impact assessment and annexes (PDF 0.50mb 58 pages)
Response
A total of 57 responses were received from various interested parties including creditors, commercial and free to client debt management scheme operators, advice providers and others.The responses to the debt management consultation showed that while there is a problem to be addressed in this area, there was no strong consensus or clear support amongst all sectors in favour of any of the options proposed in the paper. The key finding of the consultation is that it is not possible to look at debt management in isolation. There is currently significant overlap between the various remedies that are available to help people who are struggling to deal with their debt. In view of this, a number of those responding to the consultation called for simplification of the regulatory regime underpinned by robust empirical research to fully understand the needs of debtors and creditors, as well as the impacts and consequences of proposed actions/measures.
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Ghulam ChowdhuryCivil Policy and Customer Intelligence Branch
Civil Law and Justice Division
