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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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AM calls for proper regulation of the bad debt industry
September 9, 2006 12:33 PM
Peter Black at the launch of the CAB's 'round pound' campaign
South Wales West Liberal Democrat Assembly Member, Peter Black, has called for the Labour Government to introduce legally binding controls for the swelling debt management industry.
Debt management companies use Individual Voluntary Arrangements and other products to help people struggling with debt. While each IVA must be signed off by regulated insolvency practitioners, the advertising of the products and staff based in call-centres are not controlled in the same way. With the level personal debt continuing to grow, and with more and more people turning to such companies to assist them, Mr. Black is keen to see proper controls put in place.
"People in debt are hugely vulnerable, and that is why we need clear guidelines so as to protect them," said Mr Black. "With personal debt in the UK standing at £1,200 billion, the industry is going to continue to grow apace, and requires regulation sooner rather than later."
"If the Government is serious about tackling personal debt, then it must reassure people about the allegations of the mis-selling of Individual Voluntary Arrangements, and regulate so as to ensure that the advice given to people is accurate and consistent."
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