News

Five steps to achieve best practice in debt collection

Date: 25 February 2010

Leading money advice charities are calling on the credit industry to join them in a conversation about how debt collection practice can be improved.

AdviceUK, Citizens Advice, the Institute of Money Advisers and the Money Advice Trust have published a report exploring debt collection practices. ‘Do the right thing’ argues that helping people in debt to pay back debts in a way that suits their circumstances is also advantageous for creditors and advice agencies.

The report is based on the experiences of advisers from across the free-to-client debt advice sector as well as interviews with creditors, and sets out five steps creditors should take to achieve best practice in debt collection:

• Setting the right organisational culture;
• Achieving the right motivation for debt collection staff;
• Developing clear and encouraging communications;
• Providing information and support; and
• Being willing and able to maintain and develop best practice.

Further information about the report is available on the Citizens Advice website.