skip navigation

Regulatory Body

This company is a member of DEMSA and subscribes to the DEMSA Code of Conduct.

What is DEMSA?

DEMSA is an organisation founded to monitor and maintain high standards in the Debt Management Industry. All members of DEMSA are bound by the terms of the Code of Conduct established by DEMSA, which covers the following areas:

  • Compliance with Statutory Regulations and OFT Debt Management Guidance
  • Marketing, Advertising and Publicity
  • Information to Customers
  • Contract Terms
  • Client Accounts and Interests
  • Dealings with Lenders
  • Redress
  • Failure of a Debt Management Company

HOW MIGHT DEMSA AFFECT YOU?

If you have a complaint about the manner in which your Debt Management company has handled your case, you must, in the first instance, address your concerns to the company concerned.

Should the matter not be resolved to your satisfaction, please refer the matter to DEMSA, provided that the dispute in question is covered by the Code of Conduct. DEMSA has a laid down procedure for handling such complaints, and this includes the right of referral to the Financial Ombudsman Service where appropriate.

Should you require a copy of the DEMSA Code of Conduct, please contact the General Secretary, DEMSA, West Point, Westland Square, Leeds, LS11 5SS, or visit our website www.demsa.co.uk Tel: 0113 277 7610, Fax: 0113 2773586 e-mail: info@demsa.co.uk.

About DEMSA

DEMSA was established in December 2000 in order to promote good practice in the debt management industry, and to protect the interests of the public and the lenders to whom they owe money.

Debt management companies act on behalf of borrowers to help them to clear their debts. They do this by entering into direct negotiations with creditors in order to facilitate the repayment of debts. In return for their services debt management companies are generally paid a fee by the borrowers.

Membership of DEMSA is reliant upon debt management companies being able to demonstrate that they comply with the standards set out in the DEMSA Code of Conduct.

The Code has been developed in consultation with a number of debt management companies and major lenders. The aim of the Code, and that of DEMSA, is to encourage debt management companies to provide services of the highest standards in which the public and the credit industry can have confidence.

Debt trade association gets OFT code approval

Extract from press release 2 December 2008:

The Debt Managers Standards Association (DEMSA) has become the first trade body within the debt management industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS.

Debt management companies act on behalf of consumers to help clear outstanding debts by negotiating with creditors and facilitating repayments. In return for their services, these companies are generally paid a fee by the customer.

DEMSA currently has four members, who between them deal with around 38 per cent of all fee-paying debt management cases handled in the UK. Consumers using companies that are members of DEMSA are guaranteed a better standard of customer service than the law requires. The OFT only approves codes that have proved effective in safeguarding and promoting the interests of consumers beyond the basic requirements of the law. These companies have agreed to:

  • 1.a set of comprehensive monitoring procedures including inspection visits, monitoring of telesales with potential customers, checks on marketing, advertising and web sweeps
  • 2.an independent disciplinary panel to ensure that the code is complied with and enforced
  • 3.a range of sanctions including warnings and ultimately termination of membership for dealing with non-compliance
  • 4.protection of all clients deposits or prepayments by the use of separate ring-fenced account
  • 5.an obligation that they will use fair terms and conditions and provide
  • 6.clear written pre-contractual information for customers, and
  • 7.regular customer satisfaction surveys so that problem areas can be identified and addressed so that the code can be developed and improved for the benefit of consumers.

Consumers wanting to use a DEMSA member can now look for the OFT Code Approved logo on company advertising and literature.

John Fingleton, OFT Chief Executive said:

'DEMSA has undertaken a rigorous assessment to achieve OFT Code Approval, and I congratulate them on their work to improve standards for consumers using their services. Consumers can be confident that where they see the OFT Approved Code logo they will be treated fairly, and that an effective redress scheme is available if this is not the case.'

Debt Managers Standards Association Limited
A company limited by guarantee

Back to Debt Services