EuroDebt Welcomes OFT Review of Debt Management Companies

September 2010

Focus on quality control and training ensures EuroDebt brand continues to help the severely indebted

Leading debt management provider, EuroDebt Financial Services, has responded to the Office of Fair Trading's (OFT) compliance review of Debt Management Companies to reassure its clients and Introducer Network that its own practices and processes have been thoroughly assessed.

"EuroDebt has co-operated fully with the OFT and Trading Standards throughout the process" confirmed Vance Parsons, Director. "We are constantly working to improve our service and adopt new standards, such as the new advertising standards that came into effect in September 2010. We therefore welcomed this review and welcome action taken against companies that don't comply with the Debt Management Guidance.

"The debt management industry has changed considerably in the last few years and it makes perfect sense for the OFT and other regulatory organisations to constantly review processes and practices to ensure that individuals facing severe financial difficulties are always served best. Indeed, since the last update to the Debt Management Guidance in 2008 the Debt Management sector and the economy have changed dramatically, with us now seeing much higher levels of unsecured debts and more debt solutions available, like Debt Relief Orders (DROs). It is crucial, therefore, that those facing severe financial difficulties receive the most effective and all-round debt advice. And we will continue to support any initiatives that further this goal.

"As the largest debt management company to have face to face meetings with clients BEFORE they undertake a Debt Management Plan or any alternative debt solution, EuroDebt places enormous focus on the quality of debt advice we provide. As well as the face to face meeting to determine the most appropriate course of action for an individual at the start of the relationship, we now conduct face to face annual reviews with clients where circumstances may have changed. This is a very different approach to the majority of other debt management companies and the charity sector. As such, all our Debt Advisors have a Consumer Credit Licence, including a Credit Competence Plan, and we sustain a programme of on-going training for all our client facing staff to ensure they can provide the best available support.

"EuroDebt will continue to work with the OFT, Trading Standards and other regulatory organisations to give them the confidence that our practices and processes are fair and in the best interests of our clients or prospective clients. To this end we survey all of our new clients."

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