So why do creditors get to arbitrarily reject these fair and reasonable repayment offers based on the creditors own self-serving criteria? The answer lies with an answer lies with a question an interviewer once asked Rod Stewart. Rod was asked why do rock stars date super models and he answered, "Because they can." And creditors reject fair and reasonable repayment proposals put forward by licensed and regulated insolvency professionals, just because they can.

I can't help wonder why even the Office of Fair Trading (OFT) is not outspoken about this mean spirited creditor behaviour since it is specifically against the founding OFT principals of encouraging businesses to comply with consumer law and certainly to comply with industry regulations that are designed to protect consumers.

The British Banking Association  Banking Code is not worth the space it takes up. When push comes to shove and creditors are confronted with the facts that they are purposefully disregarding the Banking Code, they claim that they don't need to because the BBA Banking Code is voluntary. Evidently it is a Banking Code that can be disregarded at will but is supposed to offer consumers some comfort of protection. Make that virtual comfort.

Evidently when the banking code says "If you find yourself in financial difficulties, you should let us know as soon as possible. We will do all we can to help you to overcome your difficulties. With your cooperation, we will develop a plan with you for dealing with your financial difficulties and we will tell you in writing what we have agreed.", what they really mean to say is that you should not be surprised if your creditors turn away and do not lend a hand.

When the BBA promotes a Banking Code that states "If you have debts with many creditors, a debt-counselling organisation may complete a Common Financial Statement (or equivalent acceptable to us) on your behalf, which we will accept as the basis for negotiations with you in drawing up a debt-management plan.", what they really mean to say is that even though you have sought advice and assistance from a licensed and regulated insolvency professional that has prepared an extensive financial statement, your creditors can ignore it and not take it into account if they feel like it.

So if the BBA Banking Code is a toothless tiger and can be ignored when convenient by creditors, maybe the time has come, as the Conservative Party suggests, to replace the voluntary Banking Code with a statutory Bank Customers' Charter that has the power of law behind it. It just seems unfair that UK creditors are the only area that is still self-regulated in the financial sector.