Do Debt Help Companies have a Debt Management Protocol?

- by Sarah Connelly
The 2020 Guide to Debt Management Companies – Chapter 18

Debt Management Protocol - Cashfloat.

Are you considering signing up for debt help? It is important to know the debt management protocol that debt management companies must keep. In this article, Cashfloat explains the rules that debt help companies must follow. Although we are a short term loan lender, and a provider of credit, we understand that it does not take a lot to need debt help. We would like to make the experience as stress-free as possible.

Debt Management Protocol - cashfloat

What Is The Debt Management Protocol?

The rush of companies which entered into the debt management industry were failing to provide an open and transparent service to their customers. Therefore, the government, through the department of consumer affairs decided to launch a debt management protocol.

The government introduced a debt management protocol to protect those people who were paying a fee to sort out their financial problems. Launched in 2014, the Debt Management Protocol came into being after a number of companies had their credit licences suspended by the Office of Fair Trading. It begun in an effort to drive up standards and reduce the number of disadvantaged people who were not getting the best advice and help with their debt problems.

Debt management companies which signed up for the Debt Management Protocol had to pass an audit before they could advertise the company as being ‘debt protocol compliant’.

Debt Management Protocol - Cashfloat

How Does The Debt Management Protocol Protect Customers?

The Debt Management Protocol is designed to ensure that customers get a high standard of service. It also provides assurance that any debt management plan will be in the best interests of the customer and that the company concerned will operate best practices.

A debt management company that signs up to the protocol must follow the Office of Fair Trading credit guidance regulations. They also must proceed through the monitoring process by the relevant standing committee.

The Procedures Of The Debt Management Protocol

Other Information About The Protocol

This has been a brief look at how the debt management protocol was set up and how it works. Customers who are in debt from taking out too many instant payday loans can see that this protocol was set up for their benefit. They may now have a clearer understanding of what to expect from a debt management company that displays the protocol badge.

There are several other sections regarding the debt management protocol agreement. These are concerned with data protection, monitoring, complaints and creditor standards. The full protocol is available to see online. In addition, the standing committee that helped to set up the agreement with debt management services is tasked with reviewing the effectiveness of the protocol.

A Final Look At Debt Management Protocol

Setting up the debt management protocol was to ensure that the fee charging debt management services treat customers fairly. Part of the protocol insists that customers should be made aware of services that operate for free. However, it seems that another big shake could help.

The government should place more emphasis on the charities and organisations which provide this service for free. In this way people who are already experiencing financial difficulties should not have to pay extra to free themselves from financial problems.

Debt Management Protocol - cashfloat
About The Author
Sarah Connelly
Sarah is an enthusiastic writer, blogger and an eager agent of change. After completing her degree in Computer Science in one of London’s esteemed universities, Sarah’s early career in programming left her creatively frustrated. Looked for a way to combine her creative and analytical side, Sarah’s search led her to Digital Marketing and now she writes content and code for Cashfloat. Sarah enjoys spreading awareness about common financial issues and the importance of money management. With her STEM background, Sarah believes strongly in ethical business management and consumer protection. in her free time, Sarah enjoys reading, watching movies and eating out. After all, #YOLO!
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