Jobs as debt advisor

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Aine.m2000

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Post by Aine.m2000 » Wed Apr 21, 2010 12:57 pm
Hi, I am interested in a career in insolvency. I am trying to understand the difference between a debt advisor and an insolvency administrator/practioner. I am a part qualified accountant. If there are any other websites or areas I should look at, please let me know. Thanks.
 
 

MelanieGiles

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Post by MelanieGiles » Wed Apr 21, 2010 1:07 pm
An insolvency practitioner is a qualified professsional who is usually a qualified accountant as well who has later specialised in insolvency work. To become qualified as an insolvency practitioner you would need to be working in an insolvency practice and have a certain number of hours experience - I think at least 600. You would also need to pass the Joint Insolvency Examination Board examinations.

Have a look at the R3 webiste for further details about qualifying as an insolvency practitioner.

To work as a debt advisor, all you need is a consumer credit licence, but clearly you must also be experienced to operate in that marketplace.

Hope this helps.
Regards, Melanie Giles, Insolvency Practitioner
 
 

Andrew Graveson

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Post by Andrew Graveson » Wed Apr 21, 2010 4:02 pm
Hi Melanie,

I think it would be fair to say that there are plenty of debt advisors out there that are neither experienced, CCL holders, or in any way qualified for the role?
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

size5

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Post by size5 » Wed Apr 21, 2010 5:14 pm
Indeed there are, but hopefully that will all become a thing of the past in the near future with plans afoot to make sure that all face to face debt advisors have a professionally recognised qualification in order to be able to continue in that role, via organisations such as the DRF, and I know that Andrews firm, as an example, are supporters of that.

Hopefully, the cowboys will soon be rounded up and run out of town.

Regards.
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kallis3

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Post by kallis3 » Wed Apr 21, 2010 6:55 pm
Every one doesn't have to have a face to face though do they? Does that make a difference?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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size5

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Post by size5 » Thu Apr 22, 2010 12:23 am
Apologies, but what I meant by face to face was people that actually advise on debt solutions directly, whether by phone (90%) or by personal contact. Whether that means face to face for s/emp IVA's, or advice on debts via a DMP or other appropriate debt solution, DRO, admin order, etc, etc, etc, if you want to work in this industry then you should be qualified. It is fair to say that has not always been the case, but I am sure that we are all pushing now in the same direction.

As a side note, interestingly, the CAB are not insisting on minimum standards for their debt advisors. There are many reasons for that, too many to go into here, but it may go someway to explaining why certain creditors will simply reject all CAB proposals out of hand.

Regards.
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Andrew Graveson

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Post by Andrew Graveson » Thu Apr 22, 2010 10:19 am
As has been written on the forum many times previously the Debt Resolution Forum have worked incredibly hard to put together an approved course/examination for debt advisors.

I think that this is fundamentally important which is why we (and size5's organisation along with many many others) have made a significant financial and time commitment to ensure that all frontline advising staff become qualified.

Nobody in their right mind would consider taking advice from an unqualified mortgage broker.
I would contend that an unqualified and untrained debt advisor is at least as dangerous as an unqualified mortgage broker.
Last edited by Andrew Graveson on Thu Apr 22, 2010 1:24 pm, edited 1 time in total.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

size5

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Post by size5 » Thu Apr 22, 2010 12:39 pm
Absolutely, and a good comparison well made by Andrew.

Regards.
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Declan at DebtFreeDirect

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Post by Declan at DebtFreeDirect » Thu Apr 22, 2010 1:48 pm
I fully agree and feel it is extremely important for any person struggling with debts to know that the person they are speaking to is qualified to give advice.

Thanks
Declan Murray
Debt Advisor
Debt Free Direct - the UK's largest IVA provider.
http://www.debtfreedirect.co.uk/iva/
 
 

kallis3

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Post by kallis3 » Thu Apr 22, 2010 6:39 pm
I quite agree that debt advisors should be qualified.

Sorry I misunderstood you Mike![:D]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

North East Derbyshire CAB

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Post by North East Derbyshire CAB » Fri Apr 23, 2010 12:14 pm
size5 wrote:

Apologies, but what I meant by face to face was people that actually advise on debt solutions directly, whether by phone (90%) or by personal contact. Whether that means face to face for s/emp IVA's, or advice on debts via a DMP or other appropriate debt solution, DRO, admin order, etc, etc, etc, if you want to work in this industry then you should be qualified. It is fair to say that has not always been the case, but I am sure that we are all pushing now in the same direction.

As a side note, interestingly, the CAB are not insisting on minimum standards for their debt advisors. There are many reasons for that, too many to go into here, but it may go someway to explaining why certain creditors will simply reject all CAB proposals out of hand.

Regards.
Hi Size 5

Who are these creditors you refer to?

Have you had a look here, these creditors appear to be working with the CAB.

http://www.moneyadvicetrust.org/content.asp?ssid=76

Any views or opinions anyone?

NED-CAB
 
 

orange

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Post by orange » Fri Apr 23, 2010 12:21 pm
in 2007 we went to see a guy who was recommended to us from a finance company he was like arthur daley!!! wanted money upfront there and £3000! each to sort iva think he was qualified too.whank goodness we had the sense not to do this.
completed july 2011
 
 

Adam Davies

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Post by Adam Davies » Fri Apr 23, 2010 12:30 pm
Hi
Sound as if you went to see an Insolvency Practitioner, they rarely ask for money upfront these days for proposing an IVA
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Andam Davies
 
 

Adam Davies

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Post by Adam Davies » Fri Apr 23, 2010 12:38 pm
Hi
I think that many CABs initially give the advice to pay £1 to each of your creditors whilst the person waits for an interview with a debt advisor.
Maybe this is what Size 5 is referring to ?
Regards
Andam Davies
 
 

size5

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Post by size5 » Fri Apr 23, 2010 12:49 pm
Indeed.

This is going over old ground from a previous thread, but for the interests of fairness and balance it should be pointed out that it would be mightily unfair to expect unpaid volunteers to spend time and money to obtain recognised qualifications.

Regards.
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