MAS explained that the kit has been produced to “bring consistency to the way creditors work with debt advice agencies when collecting repayments from people who are in debt”, and its creation represents the first time that so many debt advice agencies and creditors have worked together to raise standards of creditor practice.

The kit was written and designed by Kevin Shaw, a debt advice policy analyst with Computershare’s loan services division who is currently on secondment to MAS, and the company also played a role in the industry workshops that guided the project.

Andrew Jones, CEO of Computershare Loan Services, said: “This new toolkit represents a genuine breakthrough for both lenders and borrowers and will play an important role in helping thousands of people across the country better manage their finances.

“It’s vital that our industry works together to support those experiencing financial hardship, and we’re extremely proud of Kevin’s authorship of the kit as well as Computershare’s role in its creation and continued support of MAS.

“Our team at Computershare Loan Services works with clients throughout the year to help their customers get back on their feet.”