REGULATION OF DEBT MANAGEMENT SCHEMES

That this House believes that people in financial difficulties who contact their creditors, seek advice and pay what they can objectively afford should be protected against further collection or enforcement action; is concerned that at present people who try to take responsibility for their debts can find themselves at the mercy of unhelpful, aggressive and unscrupulous practices and face spiralling debts; and joins Citizens Advice, UNISON Welfare and the Institute of Money Advisers in calling on the Government urgently to introduce long-overdue statutory regulation as set out as Option 3 of the Ministry of Justice consultation document on debt management schemes in order to provide essential protection for vulnerable people.