A damning report by the OFT says that many debt management companies are exploting their customers in the UK.
According to the Telegraph: More than half of debt management companies face being closed down. They highlighted: the most common concerns included companies failing to disclose a fee – suggesting the service is free when it is not – and the poor advice provided by advisers.
According to the BBC: Some debt management firms are posing as charities and are aiming to make money from vulnerable people, the Office of Fair Trading has found. The regulator has ordered 129 firms to clean up their act within three months or face losing their licences.
The Independent reports: The OFT will say that it is planning to update its guidelines “to take explicit account of new and emerging unfair business practices”. Ray Watson, director of its Consumer Credit Group, said of the regulator’s findings: “People who are heavily indebted, desperate and vulnerable need advice which makes their problem better not worse and should not be exploited.
Our advice is to use these FREE services in the UK: http://cccs.co.uk/ http://nationaldebtline.co.uk/ http://citizensadvice.org.uk/
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