Personal debt mismanagement is a growing problem in the UK often affecting individuals who can ill afford to get it wrong. Last year consumer debt in the country increased to a staggering £1.43 trillion! This is one of the reasons why the FCA decided to take over responsibility for the regulation of personal debt.
This situation has of course created a huge market for firms offering debt management advice and services such as debt consolidation, but until now there has been little in the way of training opportunities for individuals working in the field. That has now changed, with students now being able to acquire a formal qualification in debt collection and management. The course is to be provided by IFC University College with the qualification in CertDC (Certificate in Consumer Debt Collection).
The sometimes controversial subjects of debt collection and debt management will no doubt prove to be rather challenging for many students, however, the fact that they will have relevant work experience while they follow a structured curriculum will certainly improve the level of expertise available in the marketplace. This should also serve to improve the image of the industry as a whole.
The vice principal and head of faculty: banking, finance and regulation at the college, Martin Day, stated: “The growth in consumer debt and changes in the regulatory environment have resulted in a need for a new qualification which addresses the key legislative standards and the essential skills for professionals working in consumer debt collection.”
The really good news is that the first group of students commenced the course during September.