Debt Bodies Merger Talks Fail

Talks of a merger between the two main trading bodies within the debt management industry, DRF and DEMSA, have been abandoned.

ClearDebt was disappointed to hear the DEMSA announcement that they had today, Tuesday 19 October, abandoned  merger talks  with Debt Resolution Forum (DRF). DRF has 40 members in the fee-charging debt management plan and IVA sectors, including ClearDebt.

ClearDebt Marketing Director, Andrew Smith, said  “We believe it is vital that our industry is represented by a single strong body and we applaud DRF’s decision to leave the door open for DEMSA and it’s members.

“ClearDebt has begun the process of applying for DEMSA membership and we will continue this, but we intend to remain DRF members too – as we believe DRF’s standards, training and independent auditing will help consumers have peace of mind when they choose us”.

Commenting on the DEMSA decision, DRF chairman, David Mond, also CEO of ClearDebt said: “DRF will continue to work for a single body to represent the fee-charging debt management industry, but not at any price.

“It is particularly disappointing, when the industry is at a crossroads, that we cannot agree to move forward to create an industry in which the debtors and creditors can have confidence.

“DRF will maintain our commitment to training, complaints-handling and standards as well as to being a robust voice for the debt resolution industry. We will welcome any company in our sector as members and will welcome a renewed approach from DEMSA at any time, but we will not lower or vary our standards in any area to achieve unity”.

DRF has 40 members and has been applauded for its introduction of its advanced BTEC, the Certificate in Debt Resolution  and the introduction of the industry’s first independent complaints panel and independent monitoring and audit, through the Insolvency Practitioner’s Association – with whom DRF has an exclusive agreement.

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