Debt collection guidance

The OFT has launched a 12-week consultation on its updated Debt Collection Guidance. The new guidance will confirm that it applies to all businesses involved in debt recovery, including creditors as well as debt collectors and purchasers, lenders, law firms and tracing agents.

The OFT has launched a 12-week consultation on its updated Debt Collection Guidance.

The new guidance will confirm that it applies to all businesses involved in debt recovery, including creditors as well as debt collectors and purchasers, lenders, law firms and tracing agents; clarify creditors' responsibilities for the quality and level of information they pass on to debt collection agencies or debt purchase companies; take account of other new and developing industry practices; take account of other recently issued OFT guidance, including the updated Irresponsible Lending Guidance; and reflect recent changes in the law.

The guidance also sets out specific business practices that the OFT considers to be unfair, such as creditors failing to update records or credit reference agency data, where it has been established that an individual is not the debtor, or the debt has already been paid.

The OFT is inviting those with an interest in debt collection activities to respond to the consultation. It will consider all submissions and, where appropriate, reflect these in the final version of the updated guidance.
This was last published in April 2011

MicroScope+

Content

Find more MicroScope+ content and other member only offers, here.

Read more on Finance and Credit

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

ComputerWeekly.com

  • CIO Trends #6: Nordics

    In this e-guide, read how the High North and Baltic Sea collaboration is about to undergo a serious and redefining makeover to ...

  • CIO Trends #6: Middle East

    In this e-guide we look at the role of information technology as the Arabian Gulf commits billions of dollars to building more ...

  • CIO Trends #6: Benelux

    In this e-guide, read about the Netherlands' coalition government's four year plan which includes the term 'cyber' no fewer than ...

SearchITChannel

Close