DEMSA

What is DEMSA?

DEMSA stands for ‘Debt Managers Standards Association Limited'. Chiltern is a member of DEMSA and subscribes to the DEMSA Code of Conduct.

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 Consumers
• Contract Terms
• Client Accounts and Interests
• Dealings with Lenders
• Redress
• Failure of a Debt Management Company

DEMSA has stage one accreditation from the OFT

After a thorough three-year investigative process by the Office of Fair Trading, DEMSA became the sole debt management trade association to achieve Stage One of the OFT's Consumer Codes Approval Scheme, signalling increased commitment to consumer protection and accreditation for the sector.

The OFT scheme aims to promote and safeguard consumer's interests by helping consumers identify better businesses and to encourage businesses to raise their standards of customer service. To complete Stage One, code sponsors are required to ensure their business practices meet the core criteria set out by the OFT.

The OFT will only approve and promote codes that are shown to deliver a higher level of consumer protection than any basic requirement already set down.

Chairman of DEMSA commented: "This approval scheme is a form of self-regulation, but with considerable consequences for transgressors, which will enable both consumers and creditors to differentiate those entities that adhere to the OFT's core criteria for best practice and those that do not.

"Whilst there is no legal requirement to operate a code of best practice, it may be considered preferable to deal with coded companies, so we would urge other suitable companies in the debt advice industry to join up and work towards delivering a higher standard of customer satisfaction and build on best practices within our sector".

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, which includes access to independent arbitration and member companies are bound by their decisions.

If you are still unsatisfied that your complaint has been handled adequately, you can also contact the Financial Ombudsman Service at 0845 080 1800. Their address is 183 Marsh Wall, London E14 9SR.

Should you require a copy of the DEMSA Code of Conduct, please contact the General Secretary:

or visit the website: http://www.demsa.co.uk/

Email: info@demsa.co.uk

Tel: 0113 277 7610, Fax: 0113 277 3586