NEWS...
First DBSG 'CCA' Meeting Held
The implementation of the Consumer Credit Act (CCA06) was the topic of conversation on 3rd December 2008, as a new working group, made up of DBSG members, met for the first time.
The first task before the group, which includes a balanced mix of purchasers and sellers, was to set out the group's purpose. This now reflects the DBSG's core strategy of assisting its members with the Act itself, educating them about the often complicated requirements and ensuring consistent implementation across the industry. It also needs to lobby on behalf of its members interests and this was the primary motivation behind the formation of the group.
The group was updated on the DBSG's actions to date, including the production of three information documents for its members and lobbying BERR on the key issues of IVAs and gone-aways.
In fact, just a few days before the meeting, BERR released a policy statement outlining its intention not to amend the Act to give exemptions where a debtor has gone away or is in an IVA. As this is clearly not a result that is in the best interests of DBSG members, it was clear that further lobbying would be required and the group discussed what action should be taken.
It was decided that further weight was needed in the arguments put forward by DBSG and, as a result, those present at the group meeting agreed to share complaint data regarding feedback arising from the requirements, including case studies. Participants also agreed to share cost analysis of implementation.
Members of the working group also had the opportunity to take to the floor and put forward any issues they would like DBSG to lobby on. One key issue raised concerned the need for an arrears notice to be issued based on the original agreement, rather than subsequent informal repayment plans.
The final part of the meeting allowed all members to discuss interpretation questions, which gave the group an opportunity to assist each other.
The meeting was a resounding success, with all 16 members participating fully and providing a valuable input to the group. A broad range of action points was agreed and will be followed up in the coming weeks, culminating with a conference call to inform participants of the resulting progress.
The next scheduled meeting will be held in February 2009 and will continue to discuss and assess the implementation of the Act in further detail.
Original article courtesy of DBSG. For further information visit www.dbsg-uk.com/dbsg
