Debt “Advice” Companies Unite
Following on from the FSA encouraging the use of Trade Bodies, it’s quite interesting that the Debt Resolution Companies have united together to form a trade body. I’m not saying this is as a consequence of the FSA announcement, as plans to form a body have been afoot for quite a while.
The Debt Advice companies are the ones mainly dealing in Bankruptcies and individual voluntary arrangements (IVAs) and, although some press reported figures differ, there are said to be around 27 organisations taking part. The new organisation will be called The Debt Resolution Forum (DRF). An interesting choice of name from the organisations who band around the internet that they are Debt Advice companies. It’s also an interesting decision to call themselves a ‘forum’ surely ‘body’ or ‘association’ would have been more appropriate.
It will be interesting to see what sort of funding they put together to get going. For Secured Loans FISA charges around £400 for Broker membership, but setting up a completely new trade body is surely going to cost quite a few quid.
The board first met on 2 November 2006 and agreed that the aims of the organisation would be to provide a voice for companies involved in all aspects of debt resolution, including debt management, debt consolidation, Individual Voluntary Arrangements and trust deeds.
