Update on the Collection Services Quality Act (WKI)

We would like to provide an update on important WKI topics. This important legislation introduces a safer environment for consumers while outlining clear frameworks for both businesses and debt collection agencies. With regulations ranging from ethical approaches and strict quality requirements to increased transparency, this law represents an improvement in debt collection work.

Chantal

28/3/2024

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1 min reading time

We are pleased to announce that from 1 April, the Law on Quality Collection Services will come into force. This important legislation introduces a safer environment for consumers while outlining clear frameworks for both businesses and debt collection agencies. With regulations ranging from ethical approaches and strict quality requirements to increased transparency, this law represents an improvement in debt collection work.

The law applies when a debt collection service provider

• Performs out-of-court (out-of-court) debt collection activities

• and collects debts on behalf of third parties from (natural) persons residing in the Netherlands

• or after a debt has been resold to a collection service provider

As a member of the Dutch Association of Certified Debt Collectors (NVI), our organisation already meets high quality standards. We therefore confidently embrace this development.

We also definitely pay attention internally to the introduction of these new legislations and what this means for us as an organisation. Here, you can think of topics such as: registration obligation, quality requirements, professional competence, limitation of collection costs, supervision and enforcement.
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We would like to provide an update regarding the issues below.

- Registration requirement: Any pre-existing debt collection organisation has 1 year to register. Vesting Finance will submit the application for registration to the screening authority Justis by 2 April.

· Collection register: Once approved, our organisation will be listed on the Debt Collection Register.

· Collection Hallmark: Our NVI certificate was renewed for another two years on 28 February 2024. This means we meet the high requirements set by the Debt Collection Quality Mark. The NVI Hallmark Criteria and code of conduct have been adapted to the requirements of the WKI.

Björn Faber, Director Collections: "I am proud to confirm that we are well prepared for the introduction of the WKI/BKI as of 1 April 2024. My thanks go to our entire team, which has collectively put in a lot of times effort to ensure that we meet all the requirements. This is what we strive for: working together for a financially healthy and vital society!"

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