Debt advisers want money from lenders
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A FRESH attempt is being made to beef up debt-counselling services by raising money from lenders.
Several lenders are in discussions with debt advisers about a pilot scheme where the lenders would pay a proportion of money recovered through counselling to the money advice services. The scheme would be modelled on ones already operating throughout the United States. Typically, lenders agree to pay out 15 per cent of what they recover after a counsellor has helped a debtor to reschedule debts.
The architects of the scheme in Britain are Malcolm Hurlston, chairman of Registry Trust, the organisation that runs the register of county court debt judgements, and Vic Ware, managing director of the finance house GE Capital.
Mr Hurlston believes that it could raise up to pounds 10m a year for hard-pressed British money advice services.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments