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Loan protection: Process of debt management to be simplified?

The British Bankers Association and Accenture (BBA) has issued new proposals that claim to streamline to process of debt management in order to provide a better service for consumers.

Entitled A New Model for Dealing with Personal Debt, the new report claims that a clearer range of options is needed for people who are trying to resolve their debt problems.

According to the report, this would help to avoid confusion and worry for those dealing with debt.

Paul Ross, policy director at the BBA and co-author of the report, said: "Our vision is to provide a clear and coherent process to help people facing debt difficulties.

"Customers are currently faced with too many confusing options for resolving their debt, and may set out too early on expensive legal procedures when a more common sense approach would be better for everyone."

The report suggests that a single body should be created to regulate debt advice.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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