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What is the Debt Resolution Forum?

05/05/2022

Creditfix > Blog > Creditfix Debt Help Blog > What is the Debt Resolution Forum?

 

If you’ve done some research into debt solutions online, you may have seen people and websites making reference to the Debt Resolution Forum (DRF).

As a company, the Debt Resolution Forum still exists – but the work it does in the debt solutions industry appears to have slowed in recent years.

Nevertheless, it’s useful to know as much as possible about the companies and organisations that work and have worked in the debt solutions space, especially if you’ve had dealings with them in the past or had phone calls from people saying they work for or with the company.

In this guide, we’ll walk you through everything there is to know about the Debt Resolution Forum.

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What does the Debt Resolution Forum do?

While it was active, the Debt Resolution Forum (DRF) acted as a regulating body – a independent service set up to make sure other businesses operated correctly.

The company’s website is no longer active – but previously had a statement explaining what the organisation did:

“The Debt Resolution Forum promotes professional standards for resolving debtors’ financial problems, focused on the quality of advice provided to consumer debtors by all DRF members.”

An Insolvency Practitioner or other companies who provided debt solutions for people who were struggling with their finances could sign up to become DRF members. When they did, they would then have to follow a series of rules designed to make sure they treated their customers and clients fairly.

How many employees does the Debt Resolution Forum have?

Another indication that the company is no longer operating as an industry body comes from the recorded number of employees and officers the business has.

Through most of the time operating as a regulatory body, the company had 28 officers involved in the business – ranging from directors through to accredited Insolvency practitioners.

As of mid-2022, the business has just two officers and there is no record of any employees.

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Is the Debt Resolution Forum still active?

All the evidence available online suggests that the Debt Resolution Forum is no longer active.

Although the company still files accounts with Company’s House in the United Kingdom, their website is no longer online and their social media accounts have not been updated since late-2017.

Have you received recent calls from the Debt Resolution Forum?

When the Debt Resolution Forum’s website last appeared online in 2020, the company published an important statement addressing phone calls they had received from members of the public.

It said:

Debt Resolution Forum have received a number of enquiries from members of the public who have received nuisance calls from companies claiming to have obtained personal details from DRF.  This is never the case: DRF does not hold any private individual’s personal data. If we did we would never provide it to any third party. DRF is a trade association who promote standards for our members focusing on the quality of debt advice provided to customers.

They went on to say that if anyone receives one of these calls, they should report it to the company and to the Information Commissioners Office (ICO) as possible identity fraud.

As the company clearly stated, the nature of their business means they would not be required to communicate with customers directly – and their official statement said they held no customer data and would not sell customer information.

As such, it’s fair to assume that anyone contacting you saying they are from the Debt Resolution Forum is involved in fraudulent activity. Even if the number seems to check out, you should end the call and not share any information.

Is it still possible to achieve Debt Resolution Forum membership?

At the time of operating, the Debt Resolution Forum offered guidelines that helped debt solutions companies make sure they were providing a good service to customers who found themselves trying to deal with money problems.

Today, similar rules are set by the Financial Conduct Authority (FCA) and must be followed by any business that provides debt solutions like IVAs, Trust Deeds, and Bankruptcy.

Although the company is still incorporated, it doesn’t seem possible to sign up to become a member of the Debt Resolution Forum. Instead, companies operating in the debt solution industry will be expected to achieve FCA regulation.

Where can I get more advice on What is the Debt Resolution Forum? and other debt solutions?

To discuss your options and get the support you need to deal with your debt today, contact us now on 0800 0431 431 or click the button to get started

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