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Follow on Google News | R3 comments on Government's response to the personal insolvency review"R3 welcomes the Government's announcement today to consult on increasing the petition debt levels for creditors.
By: straight talk debt "R3 has long campaigned for the rebalancing of the relationship between debtors and creditors, as a number of creditors petition for bankruptcy on low levels of debts. The threshold of £750 which was set in 1986 is now outdated. The Government today acknowledged: "The Minister also revealed that the Government recognises the potential for regulatory reform of Debt Management Services. We have called for better regulation of the Debt Management Plans (DMP) industry for some time. R3 research shows that DMPs are often unworkable because the level of debt is too high, and 10% of individuals in a fee-charging DMP were not told they would be charged until the scheme began. We call on the Government to go beyond recognising the need for reform and make the necessary changes to the industry. R3 suggests the regulation of the DMP market be removed from the OFT v and become the responsibility of the Insolvency Service, to ensure all insolvency providers are regulated to the same high standard." Article sourced from: http://www.r3.org.uk/ http://www.straightalkdebt.com # # # Straightalkdebt, based in Birmingham, West Midlands, offer free, professional, confidential debt advice and insolvency advice to anyone with debt worries and financial problems. End
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