Debt Resolution Forum created

Some 27 firms in the debt resolution industry have founded an industry body for debt resolution companies by creating the Debt Resolution Forum.

Subsequently, a further seven organisations have said they wish to consider participation in the organisation, which will provide a voice for the industry and which will set best practice standards for members which will be policed and enforced by an independent regulator.

The meeting elected a founding board, which has been charged with the responsibility of turning the meeting’s vision into reality.

Amongst other things, the board have agreed that the aims of the organisation would be to provide a voice for companies involved in all aspects of debt resolution throughout the UK and to widen consumer access to debt advice. They also wish to create a set of standards, driven by best practice principles, which would ensure debtors and creditors are treated fairly and transparently by members and that claims made by members for their services are accurate and reasonable.

Only organisations that commit to the standards and principles of the DRF will be allowed to join. A programme of independent audit and independent complaints investigation will ensure membership becomes a valuable commercial privilege.