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Blu Debt Management calls for firms to be truthful about acceptance figures

Blu Debt Management is calling on debt management companies to be open about the amount of debt management plans they get accepted by lenders.  

James Briggs, sales director of Blu Debt management says many debt management firms are offering what appears to be high commission to advisers who introduce their clients with debt problems, but many of these same companies don’t actually manage to get interest and charges stopped by lenders and credit card companies.

He says: “If a debt management company is not pro-active in negotiating with and responding to creditors, the creditors may reject the proposed debt management plan and struggling borrowers can find themselves in a worse position financially. This can be damaging not only to the borrower but to the reputation of the adviser who referred the borrower to the debt management company in the first place.”

Blu Debt Management says its current creditor acceptance rate is 92%.

The government declared last week that, one in ten people in the UK are struggling to manage their debts and the growing demand for debt advice is outstripping the Government’s capacity to provide it. 

As a result Edward Leigh MP, chairman of the Committee of Public Accounts, said the government “Must work with those in the public, private and third sectors who provide debt advice, to do all that they can to make good quality guidance available for those who need it.”

Briggs adds:,“We believe that too many debt management companies are piling on business at the front end without competently managing and retaining existing clients. At a time when the government is highlighting the need for an increase in good quality debt management advice, it is essential that debt management companies are open about these figures so that advisers can get the best possible debt management help for their clients.”

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  • Ronnie Revels 15th August 2010 at 4:45 pm

    My website has some interesting content about debt management and debt consolidation. Please visit my website for more information about debt related issues. http://easydebtclear.blogspot.com

  • R.Gift 15th April 2010 at 8:58 am

    I have introduced cases to a firm in Manchester whose acceptance rates don’t seem to achieve 0.92%.The sooner this industry is regulated the better.

  • James Briggs 13th April 2010 at 4:06 pm

    Yes we do. As of this afternoon the actual acceptance rate is 91.69%, these figures are shared with our Regional Directors during our monthly management meetings.
    I am very happy to share these figures with you and discuss how we can help.
    Please feel free to get in touch.

  • judith 13th April 2010 at 12:27 pm

    Does Blu debt management really have a acceptance rate of 92%. Thats really high?