Debt Advisory Services (Scotland) Limited are extremely proud to announce that we have become the very first company in Scotland to become approved by the Insolvency Service. This approval means that we’re able to undertake Protocol Compliant Debt Management Plans. This allows us a fantastic way of helping and protecting those who have taken out Debt Management Plans.
Who is the Insolvency Service?
The Insolvency Service is a government agency that works to help those who have been affected by financial problems. As an executive agency within the Department for Business Innovation and skills, they operate from different locations throughout the UK.
They are the agency responsible for actions such as administrating bankruptcies and debt relief orders. It’s also their job to investigate companies that are going into liquidation, to make sure that there were no misconducts.
What’s a Protocol Compliant Debt Management Plan?
So we’ve said that we’re officially protocol compliant, but what does this actually mean for those who choose to use us?
Firstly, it gives you peace of mind.
A protocol compliant debt management plan offers lots of benefits to people who decide to use them. If you’re looking to take out a debt management plan, it’s worth looking for a company who are on the protocol scheme. This is because we have a duty to commit to certain standards, alongside the normal FCA’s rules and regulations. Therefore you can be comfortable knowing that we have your best interests at heart.
Why Has it Been Introduced?
For the main part, this protocol scheme has been introduced to further improve and help those who are suffering from financial problems. For the most reputable debt management companies in the UK, this has been a welcome and much approved change.
By entering into a Protocol Compliant Debt Management Plan, you’ll receive a number of benefits over a standard one. This includes the following.
- You won’t be charged upfront fees
- Free debt advice
- Initial fees are spread over 6 months
- Customers must be informed of all available debt plans
- Only plans that are affordable to you will be discussed
You’ll have peace of mind knowing that you’ll only be paying what you can afford. It also means that your creditors will only be receiving a sensible amount from the money you make each month.
We’re extremely happy to be a member of such an important scheme. If you would like to learn more, or you would like to discuss your situation in further detail, please don’t hesitate to contact us.
You can give us a call on 0800 011 2322 and we’ll be more than happy to help.