This Overview is a guide to the Finance Services subtopic Debt Management and Advice, with links to appropriate materials. For information on other aspects of the consumer credit regime, see related materials in FCA consumer credit regime—overview, Consumer credit advertising—overview, Consumer credit agreements—overview, and Consumer credit—ombudsman and guidance—overview.
When a consumer finds themselves in arrears or default under a consumer credit agreement, it is usual industry practice for the debt to be passed by the lender to a third-party debt management firm for recovery, or for the creditor to voluntarily refer themselves to a debt management firm in the hope of re-organising their debts under a debt management plan. The re-organisation or consolidation of debts involves the giving of debt advice to customers and firms must ensure that in giving that advice they abide by the rules in Chapter 8 of the Financial Conduct Authority (FCA) Sourcebook on Consumer
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