In addition to education, a popular credit counseling option is the ‘‘Debt management plan’’ (‘‘DMP’’, known in the United Kingdom as the Individual voluntary arrangement or "IVA").
In the United Kingdom, the Financial Conduct Authority is responsible for the regulation of consumer credit and has established a Debt Management Plan Protocol.
[5] Elsewhere in the European Union, regulation and non-regulation of Credit counseling agencies and their approaches, including DMPs, are widely varied.
In Sweden, guidelines for credit counseling are loosely provided by the Swedish Confederation of Professional Employees (TCO) and creditors are encouraged to use them in lieu of the court system.
In Ireland, the Irish Congress of Trade Unions (ICTU) provides debt resolution information directly to debtors.
In Latvia, a debt advisory company called LAKRA works with employers to assist indebted employees.
[6] The Financial Consumer Agency of Canada (FCAC)[7] advises Canadians to do their research and find a trustworthy organization and a qualified counselor.
It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ensuring the enforcement of the Act.