Charles Greed of In Control Debt Solutions Ltd

We spoke with Charles Greed, Operations Director of In Control Debt Solutions Ltd, to find out about joining a trade body, keeping compliant and the upcoming debt management guidance...

1) Firstly, what exactly does In Control Debt Solutions Ltd do?

We are a licenced debt solution provider delivering debt advice to those who need it. The company is 8 years old during that time we have developed an excellent standard of advice and customer service to those who require it.

2) What is your role within the company?

I am the Operations Director and oversee the day to day running of the business. This includes HR, compliance, new business management and credit control.

3) What kind of debt management advice do you give?

We provide advice on all available solutions. We retain suitable clients for debt management, trust deeds or IVA but where we can evidence that bankruptcy or DRO are more suitable we advise the to seek free to client services, due to the severity of that individuals circumstances they should not be paying for a debt solution in my opinion.

4) You are members of the Debt Resolution Forum, could you tell us a bit about why you joined and how being a member of the Forum helps you make sure you are compliant?

We joined the DRF earlier this year as we want our company to demonstrate that we provide transparent clear compliant advice. By joining a trade body you have to prove your fitness as a company which is vital when dealing with such an emotive subject as debt resolution. We felt the DRF provides this due to the code of conduct, the application process, the Cert DR qualification, the regular independent audits by the IPA and the external complaints body for our clients which are all requirements of membership.

This helps our company to maintain compliance as part of a wider company compliance strategy as we have under gone a rigorous audit, implemented the required changes and have enrolled our first 2 members of staff onto the Cert DR training qualification.

5) You offer a number of debt solutions, which option do you recommend most often? Do you think that debt management plans are the most common debt solution?

The majority of the enquiries we receive are referred to the free to client agencies as they are more suited to that type of service. Where we identify a potential client we advise and recommend debt management most often as how we source business is extremely focused on that type of client as it is our core business.

According to the stats we heard at the recent MALG conference debt management is certainly the most common solution currently.

6) What did you do before you began working at In Control Debt Solutions?

I was a branch manager at Welcome Financial Services.

7) What do you think is the biggest issue in the debt management industry at the moment?

I think there are several issues facing our industry including poor standards of advice, inconsistency of fees charged, an ineffective and underfunded regulator, inconsistency in delivering compliance across the industry, lack of training and too many rogue traders who are still able to continue duping vulnerable individuals with the promise of debt write off or immunity from debt collection.


8) What do you predict happening in the debt management sector over the next couple of years, particularly with regard to regulation?

I hope that with the OFT’s new debt management guidance that is due, the industry sees it as a big opportunity to come together self-regulate and implement the changes required but also to make sure there is no room for the rogue traders that tar us all.  The fee charging sector has a huge role to play in the coming years with the massive changes that will result from the Money Advice Service co-ordinating the free to client sector.

I think regulatory and economic pressures will reduce the number of companies in our sector and I hope that it results in a panel of accredited, compliant and transparent providers for clients to make an informed choice about.

9) If you weren’t working at In Control Debt Solutions what do you think you would be doing instead?

I’ve always had a strong desire to start and build my own business so I think that I would have pursued that goal in a different field.

10) What, in your experience, are some of the most common reasons for individuals becoming indebted?

Currently the biggest circumstance change is being caused by a reduction in income or working hours.