Daniel Walker of The Debt Professionals

We sat down with Daniel Walker to talk about this week’s exciting launch of his brand-new company The Debt Professionals...

1) Firstly congratulations on launching your new company The Debt Professionals. What exactly does the company do? 

The Debt Professionals is a debt management company that is commited to offering the highest standard of understanding, advice and management to the consumer in the debt solutions market.    

2) Why did you set up the company and what influenced your decision to name it the Debt Professionals?  

With the welcomed increase of regulation within the debt industry, I saw an opportunity to set up a Debt Management company that would embrace the regulations from the outset and not be tainted by the past. I named the company The Debt Professionals because we are professional in attitude, processes and compliance.

The Debt Professionals is what we are and our strap line “We Understand, We Advise & We Manage” to coin the phrase “we do what it says on the tin”. 

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

We offer no obligation advice and we offer guidance on all currently available debt solutions to the consumer from Debt Management, IVA’s, Trust Deeds, Bankruptcy and DRO’s to simple budgetary and money management advice. 

4) What do you think is the biggest issue at the moment in the debt solutions industry? 

Getting over all the bad press - Despite the more stringent regulations and policing by the OFT or the trade bodies DRF and DEMSA there are still rogue elements to the marketplace. Websites of some solution providers still do not comply with the rules and the flagrant disregard of the rules tarnish much of the good work the fee charging debt industry does for consumers.  

5) You have been involved in the industry for a number of years, what did you do before you started your new business? 

My career has always been dealing with consumers in some way shape or form, from mortgage advice to what I’m doing now. It has had a focus on advice to clients facing some sort of financial crossroads or difficulty. My previous role prior to starting The Debt Professionals was as Sales and Marketing Director for another well known market leader in the debt industry. 

6) What kind of cases do you deal with on a regular basis? 

In the current economic climate we will deal with a vast selection of consumers from all walks of life, debt has no economic, gender or income barriers. I expect the majority of our cases to result in debt management plans as they are informal and flexible but we will refer cases to Insolvency Practitioners where the need arises for IVA applications or offer bankruptcy advice and support. 

7) What do you see happening in the future, particularly with regard to regulatory changes and compliance requirements? 

We will undoubtedly see the revised debt management guidelines provide more focus direction for providers and the stricter regulations and policing requirements will prevent the “rogues” from re-appearing. From it, will come a greater focus on compliance. This is something we welcome. It makes sense to adopt a “good business practice” ethos. Personally I think we may see a move towards a regulated debt management plan that was discussed at the recent DRF conference. 

8) If you weren’t working in the debt sector what do you think you would be doing instead? 

I am so passionate about our industry I cannot imagine me doing anything else. 

9) How do you think the industry has changed in the aftermath of the economic crisis? 

I think the economic crisis has raised the need for debt advise more than before and the difficulties that the economic downturn have created have impacted on the British public with more unemployment and or less disposable income. The industry now has the ability to move forward but remember the lessons learnt. Consumers are more aware and informed of their rights but more education on household budgeting, over borrowing is vital, prevention is better than cure. 

10) Do you expect the country’s financial situation to improve in the coming months? 

In the short term unfortunately not, I also think that 2012 will continue to be a difficult year but I see an upturn towards the end of the year and 2013 starting on a brighter note.