New proposals to help people in financial difficulties would streamline the process of debt management and deliver a better and fairer deal for customers, the British Bankers’ Association and Accenture say report published today.
The report, ‘&lta href=&quothttps://www.accenture.com/gb-en/Pages/insight-banking-new-model-personal-debt.aspx&quot&gtA New Model for Dealing with Personal Debt&lt/a&gt’, says a clearer range of options for people working to resolve their debt would avoid confusion and worry. The report calls for greater consistency in the way debt advice is provided and in how creditors deal with customers in financial difficulties, in order to ensure fairer and more consistent results.

It recommends changes in four key areas creation of a single body to regulate debt advice, with a single debt management license and sole responsibility for delivering a national over-indebtedness strategy simpler debt remedies, and increased emphasis on early intervention and resolution better use of customer information to identify people at risk of losing control of their debts, to offer early help, and helping customers to help themselves by improving financial education and providing a single, online debt advice portal.

Paul Ross, BBA policy director and co-author of the report, said: “Our vision is to provide a clear and coherent process to help people facing debt difficulties