ICAS: Unregulated debt consolidators need tackling

News Article - 05 December 2006
Category: Business

The Institute of Chartered Accountants of Scotland (ICAS) is warning that more needs to be done to deal with unregulated debt consolidators.

Stating that it represents the majority of the nation's insolvency practitioners, the institute made its announcement on the back of the third reading of the bankruptcy and diligence bill at the Scottish parliament.

ICAS insolvency director, Anne Bryce, said: "The problem of personal debt is becoming a huge issue not just for those affected, but for society in general."

She added that the Scottish executive and the UK government should work together to address the situation in which people without the means to repay their debts are still being offered credit.

Insolvency practitioners are obliged, she said, to offer the best advice they can and are generally regulated to "the highest professional standards".

The bankruptcy and diligence bill is due to be reformed and modernised should it be passed, with proposals which would include creating a balance between the right of the creditor to be paid and the right of the person in debt not to receive excessive or harsh treatment.

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