Scotland debt industry standards and practices

Scotland debt industry standards and practices

Screen Shot 2015-06-07 at 16.48.12Scottish debt management companies are bound by certain protocols to be followed to keep up with the debt industry standards and practices while giving debt management advice to their clients. This compliance is necessary to ensure that the quality of service provided by the debt management company remains high and the customers or clients are able to repose their faith in the company. For a company which follows all such standards and practices and is established as a leader in the industry, log on to www.debtadvisoryscotland.net.  Some such standards and practices which are prominent in the debt management industry in Scotland are discussed below:

  • Marketing of Services – Like with all industries, marketing and advertising of services by a debt management company is also quite important to promote their firm. However, the industry standards for advertising are quite high. The company who chooses to advertise its services must be completely transparent and honest regarding the rates and charges. Moreover, harassment marketing, for example, repeated calls to the client are completely unacceptable.
  • Advice and solutions – Before rendering any kind of debt management advice or a solution to manage the debt, the firm is required to conduct a detailed scrutiny and analysis of the debt situation of the client and thereafter provide the best possible solution. It is also required for the client’s preferences to be taken into consideration and he should be made aware of all the recourses available to him.
  • Relationship with creditors – While the primary relationship of a debt advisory company is with the debtor, they also share a professional relationship with the creditors of their client since they have to deal with them on behalf of the debtor. It is important for the debt management company to be fair with the creditors too while keeping the best interest of their client. The creditors should be made aware of the correct situation and any details regarding the client’s finances should be made available to them.
  • Fees structure – There have been many debt management companies which garnered a bad reputation because of hidden charges and fees which the client was not made aware of before starting his business with the company. Industry practices and standards dictate that all the fees and charges should be written down in the contract which the client signs with the company so that he is well aware of his financial liability and the rest of the terms and conditions.
  • Professionalism and Expertise – On the one hand it is essential for the individual debt consultants who deal with the clients to be experts in the field through necessary educational qualifications and work in the relevant sector. Besides expertise, an equally important factor is professionalism by the company. The consultants/ debt advisors should be thorough professionals in their dealings with the client and creditors. Their conduct should be such that the client is able to trust the company with such an important aspect of his life. Debt management companies also often conduct training sessions or send their employees for specialized trainings which make them more efficient and able to work better.
  • Self-monitoring – Apart from regulatory compliances, a debt management company in Scotland would also follow a self-monitoring mechanism through which they will be able to regulate themselves and oversee the compliance of the various industry standards.