MSE News: OFT crackdown on debt management firms
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
"More than 100 companies face losing their licence after the trading watchdog uncovered a catalogue of abuses ..."
"More than 100 companies face losing their licence after the trading watchdog uncovered a catalogue of abuses ..."
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Consumers are expected to have paid £250 million in fees to debt management companies by the end of this year.
Wow. Makes you sick doesn't it.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
hi can you help me and my partner have just went with a debt managment company how do we know if its dodgy thanks0
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Good news but how about the OFT cracking down on all the DCAs and the cronies that work for them as well as the debt collection departments of some of the major credit card companies - they cause untold misery for thousands of people!0
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http://www.guardian.co.uk/money/2010/sep/28/debt-management-companies-warned-closure-oft
Pay plan whom we are with is ok.. its work taking a look, think FSA or OFT, is taking a look at some practices of companies...
wonder these sound apply to those inhouse, debt collecting, like
reliable collection, mackenzie hall and others too
best wishes to all0 -
Nice find lindann!
Perhaps the money grabbing debt management companies will now face closure!Geek by Nature.. Geek by Profession!
Home Owner as of 01/10/2014
Married to my Soul mate 15/06/20180 -
the review is here: http://www.oft.gov.uk/shared_oft/business_leaflets/credit_licences/OFT1274.pdf
Unfortunately.. the OFT have also said this:OFT wrote:The OFT is not able to name the 129 companies because of disclosure restrictions under Part 9 of the Enterprise Act 2002. Where the OFT uses its formal powers under the Consumer Credit Act 1974 to refuse or revoke a credit licence, decisions are made public on the Consumer Credit Public Register._Above_Report wrote:1.21 In some cases, it appears that business models may be set up to take
the maximum amount of money from a consumer regardless of their
circumstances.Geek by Nature.. Geek by Profession!
Home Owner as of 01/10/2014
Married to my Soul mate 15/06/20180 -
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
hi can you help me and my partner have just went with a debt managment company how do we know if its dodgy thanks
If it is not CCCS or Payplan and you are being charged fees, then you are throwing money down the drain and being exploited regardless of whether it was one of these 129.
Switch to CCCS or Payplan. Everything you pay them goes to pay off your debts.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
If it is not one of the recognised charities it does not mean they are dodgy but as Fermi has pointed out they will at the very least be charging you for a service you can get for free from one of the charities
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0 -
Let's hope we start to see some of the dodgy outfits actually having their licences removed then and not just threats and warnings - we need some strong action.
dfMaking my money go further with MSE :j
How much can I save in 2012 challenge
75/1200 :eek:0
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