RegulationAccounting StandardsICAS backs plans to combat debt consolidation cowboys

ICAS backs plans to combat debt consolidation cowboys

Scottish institute says more should be done to regulate the booming market, as more consumers plunge into the bankruptcy quicksand

ICAS has welcomed the
latest reading of the
Bankruptcy
and Diligence bill
at the Scottish Parliament, and jointly called for action
to be taken on unregulated debt consolidators.

The bill, which overhauls legislation that has been left unchanged for
decades, will modernise how personal debt is dealt with in Scotland,
as the number of Scots going bust hits record levels.

ICAS represents the vast majority of Scotland’s Insolvency Practitioners who
deal with the effects of personal bankruptcy on a daily basis.

‘The problem of personal debt is becoming a huge issue not just for those
affected, but for society in general,’ ICAS insolvency director Anne Bryce told
the Credit Control Journal.

‘Our politicians have recognised that, and this bill will go some way to
overhauling the personal bankruptcy process. Crucially though, as the committee
considering the legislation advised, the Scottish Executive and the
UK Government
must work together to change the situation at the moment, where people without
the means to repay loans are still offered credit.’

Related links:

Half empty: the effect of bad debt 

IVA factories to thrash out regulation by
February
 

Insolvency plans could lead to fraud

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