10. Debt Management Services
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Members must advise customers of the outcome of negotiations with creditors. This is not limited to the situation where the outcome is not initially good news.
- Members must keep customers informed of any developments in the relationship with creditors, in particular the threat of issue of legal proceedings.
- Where by the member provides debt repayment the member must :
- Take full account of priority debts such as including any arrears already incurred on those debts, in setting monthly repayments,
- Reassess the payment plan and consider any necessary changes to ensure it remains in the customers best interests, as soon as it becomes aware of change in the customers financial position. The customer should be advised of any recommended changes without delay. Repayment plans must be re-assessed on at least an annual basis and the customer informed of the outcome of the reassessment.
- Customers should at the outset be given a statement of how their money is being Disbursed, the balance owed (or if an accurate figure is not known, the best estimate), and the fee charged by the member must be included in the statement. Customers must be kept informed of any material changes to these arrangements. Members should meet any request by a customers for a statement of their position.
- Members should respond to complaints promptly and fairly.