MSE News: MP wants debt firms to state free alternatives

Former_MSE_Guy · 20 October 2011 at 12:53PM

This is the discussion thread for the following MSE News Story:

"Labour's Yvonne Fovargue introduced a bill requiring firms to explain where people can access free debt help ..."

Read the full story:

MP wants debt firms to state free alternatives

poppytody · 22 October 2011 at 4:41PM

Why should a profit making enterprise be compelled to tell people of free services?

What next,signs in Tesco telling people to shop at Asda?

The info is already in leaflets and letters from banks etc. it's often in the papers and TV programs.

The bigger question is why do people choose to go to these companies rather than the charities (so called)?

Deep_In_Debt · 22 October 2011 at 6:13PM

poppytody wrote: »

Why should a profit making enterprise be compelled to tell people of free services?

What next,signs in Tesco telling people to shop at Asda?

The info is already in leaflets and letters from banks etc. it's often in the papers and TV programs.

The bigger question is why do people choose to go to these companies rather than the charities (so called)?

Probably because these companies tell people that the charities won't help as much as they do, won't get interest frozen and are funded by banks...blah, blah, blah. I've had these companies on the phone to me, so I know the rubbish they spout. They make people in desperation think they are the only way out.

MrsTinks · 22 October 2011 at 8:12PM

poppytody wrote: »

The bigger question is why do people choose to go to these companies rather than the charities (so called)?

Because all the ones I have had call me at home unsolicited LIE! "Oh the charities are not regulated, we are... we can guarantee to get your interest frozen, you'll definitely be debt free in x years"...

Charities are more tightly regulated than ANY business - if you'd ever had any dealings with the charity commission you'd know that and not come out with comments like "(so called)".

poppytody · 23 October 2011 at 9:41PM

MrsTine wrote: »

Because all the ones I have had call me at home unsolicited LIE! "Oh the charities are not regulated, we are... we can guarantee to get your interest frozen, you'll definitely be debt free in x years"...

Charities are more tightly regulated than ANY business - if you'd ever had any dealings with the charity commission you'd know that and not come out with comments like "(so called)".

What regulation, what inspection of work is carried out?

Are you going to tell me that these charities are not also companies as well.

shazzzaaa · 31 October 2011 at 10:29AM

I used one of these companies not knowing there were free alternatives. I was desperate to get some help at a time when I had completely lost the plot and I am sure that there are lots of people like me out there. I was very upset to discover that I had paid out over £800 over time for help that I could have gotten free. I would really support the bill as the type of person who needs to know that free support is available out there is quite probably the very kind who wouldn't be in the 'right place' emotionally to do the kind of research that would give them the right information. The principle is similar to people being able to reclaim PPI using forms from this website or being 'encouraged' to by fee charging companies for a fee. I stumbled on this website by accident just as I stumbled on a charity that helped me for free. Finally, the fee charged by companies is what is unreasonable. I would pay this company £250 monthly and out of that money they took £70 as a processing and handling fee and they convinced me that they were doing me a service that I couldn't get elsewhere.

MSE News: MP wants debt firms to state free alternatives

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