DEMSA Membership

Trade body DEMSA (Debt Managers Standards Association) was formed to promote good practice in the debt management industry, and to protect the interests of the public and the lenders to whom they owe money.

Hamilton Locke have been voluntary members of DEMSA since September 2009, and have agreed to follow their strict code of conduct. DEMSA has achieved Office of Fair Trading (OFT) Code Approval, and is the only debt Management trade body to do so.

DEMSA is the first trade body within the debt management industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme – for advice on debt management plans (DMP) and Individual Voluntary Arrangements (IVA).

The OFT only approves codes that have proved to be effective over a period of time in safeguarding and promoting the interests of consumers beyond the requirements of the law.

DEMSA aims to encourage the highest standards within the Debt Management Industry and to ensure that debt management clients are dealt with in a responsible, compassionate and transparent manner.

This means that Chiltern’s clients and potential clients can be sure that they will receive impartial debt advice that is tailored to their circumstances, and service standards that exceed the requirements of the law. It also means that Chiltern are permitted to display the OFT code approved logo on all of our letters, brochures and other stationary or promotional items.

Chiltern, as a founder DEMSA member, treat customers fairly and provide quality debt advice to suit a client’s needs. We offer a range of debt help solutions to help customers clear debts. This may mean that a debt management plan or an IVA could be suggested as the best way to clear debts following our initial debt advice.

DEMSA can be contacted at:

Tel: 0113 277 7610
Email: info@demsa.co.uk

OFT can be contacted at:

Tel: 020 7211 8987
Email: consumercodes@oft.gov.uk

Fees & Information

We cannot guarantee a reduction in interest or charges. If an IVA is not maintained it could lead to bankruptcy. Whilst initial debt advice is free, fees will be charged if a solution is taken out.

Fees related to Debt Management Plans are in two parts;

"Initial Fee" means your first two "Monthly Payments", which is paid by You to "Us". This represents our fee for establishing your arrangement, and therefore is not distributed to your creditors, and can be paid in two separate instalments. Retention of this fee will put you into further arrears.

"Monthly Fee" means the Fee payable for our Services each month. This is an amount equal to 17.5% of your "Monthly Payment" (apart from your first two "Monthly Payments" which is the "Initial Fee"), subject to a minimum payment of £30 for disposable incomes of 0 - £100, and £35 for disposable incomes of £100.01 - £200.

Fees incurred for Individual Voluntary Arrangements are variable dependent upon the monthly contribution to the arrangement and the agreement that is reached with your creditors. Fees are made up of Nominees fees relating to assistance given to prepare your proposal and Supervisor fees which relate to the ongoing monitoring of your IVA. Fees are already included as part of your monthly contribution. The level of fees and the method of payment are both agreed by your creditors at the outset of the arrangement.

A record of your agreement with us will be held on your credit file for up to six years, and your ability to obtain credit in future may be affected.

You are provided a cooling off period of fourteen days from the date the agreement was deemed to commence, during which you may cancel our agreement. Should you give notice to us that you would like a refund of a payment, or payments, (being other than the initial fee) then where no distributions have, at that time, been made by us, or are in the process or course of being made by us, in respect of that payment or payments this will be made in full (i.e. without deduction of our fee of 17.5%).

Debt Management Plans | IVAs | Debt Help

DEMSA Membership

Fees & Information