1. Introduction
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DMAI was founded in 2010 in order to promote best practice amongst Debt Management Companies, and to safeguard the interests of customers and creditors.
Our Mission Statement is “to provide Debt Management services to people who are experiencing problems, in managing their financial affairs, and financing their Debt repayments”.
DMC’s do this by undertaking a full customer financial assessment , carrying out a fact find of Income and expenditure , preparing a statement of affairs , contacting creditors and providing them with a copy of the statement of affairs and offers of Repayment.
Debt Management Companies (DMC’s) may be paid a fee by the customer in return for acting on their behalf to help the customer clear their debts. They do this by entering into mediation, negotiation and facilitation of the repayment of debts between customers and creditors.
The Rules have been developed, and revised, in consultation with lenders and DMC’s and will be reviewed on a regular basis with input from appropriate consumer organisations and regulatory bodies.
The purpose of the Rules, and that of DMAI, is to encourage DMC’s to abide by the spirit as well as the letter of the rules with the rules forming the minimum standards the DMC’s achieve to provide a high level of service in which the customer and the creditors can have confidence, and to provide security to the customer.