- Monday, 21 September 2009Britain's debt management firms could face government regulation, dependent on the outcome of ongoing consultations.
The reason behind the regulation would be to ensure industry-wide fairness and reduce the possibility of vulnerable customers entering into deals that are not right for them, but nonetheless offered.
Business minister Ian Lucas, said: "Our aim is to help people take control of their finances and pay off their debts quickly and fairly. We want a system which is fair to everyone involved so that debt problems don't spiral out of control."
Many people have concerns that some of the UK's debt management companies currently convince customers to enter into less-than-suitable deals as they do not offer the correct option for that person.
At the end of July 2009, total UK personal debt stood at £1,457 billion. Secured lending for the same month showed a net repayment of £0.4 billion and consumer credit lending fell by £0.2 billion.
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