Article on Misleading Names

North_East_Derbyshire_CAB

Hi all

An Interesting article below on misleading names -

http://www.bbc.co.uk/news/business-11900874

Bankruptcy & Insolvency titles mentioned.

NED-CAB

fermi

I saw that.

Coincidentally, there were 2 segments on BBC "Rip off Britain" on this yesterday.

See iplayer here: http://www.bbc.co.uk/iplayer/episode/b00wdb8v/Rip_Off_Britain_Series_2_Episode_9/

North_East_Derbyshire_CAB

fermi wrote: »

I saw that.

Coincidentally, there were 2 segments on BBC "Rip off Britain" on this yesterday.

See iplayer here: http://www.bbc.co.uk/iplayer/episode/b00wdb8v/Rip_Off_Britain_Series_2_Episode_9/

Thanks for that Fermi

'Excruciating viewing'

NED-CAB

fermi

North_East_Derbyshire_CAB wrote: »

Thanks for that Fermi

'Excruciating viewing'

NED-CAB

Indeed.

I did like the bit about the people on a "consumer website" saying to the lady "NO, don't go with a company that charges you." though.

North_East_Derbyshire_CAB

Hi

Another interesting recent article on this subject -

http://www.insolvencynews.com/article/show/OFT-to-revoke-debt-management-firms-licences

Further news soon?

Regrettably we are still seeing clients who have paid fees to companies only to then end up at the CAB.

NED-CAB

dojoman

About time these companies were weeded out once and for all.

confused76

i think we need to keep bumping this up the board! thanks NED

IF

Thanks NED CAB and Fermi, bumping up the board x

North_East_Derbyshire_CAB

Hi all

Interesting Credit Today article leading with this -

"A commercial debt management firm has been fined, disciplined, and reported to the industry regulator by one of the industry’s main trade bodies for masquerading as a free debt advice provider"

Full article

http://www.credittoday.co.uk/article/11208/online-news/demsa-imposes-sanctions-on-member

We found this section of the article a little 'ticklingly' amusing

"It follows a hearing in front of DEMSA’s Compliance and Discipline Panel in October, where the firm, dubbed “Member X”, promised to refrain from using words such as Citizens Advice, Citizens Debt Advice, CCCS, Government Debt Help, or any combination of the four, to market its services"

What do you think guys?

NED-CAB

JustinCredibleGillespie

They should've been given a heftier fine. Name & Shame.

SnowMan

If you do a search for 'Citizens Advice' on google then up in the sponsored ads third down comes Debt-help-pros.com. Although their registered company name doesn't contain Citizens Debt Advice it appears under the search results under the title of 'Citizens Debt Advice/Advice,debt-help.com' and is an attempt to deceive by the mis-use of metatags. Click on that and there is nothing at all on in all the wording on that page to say that they are a commercial company taking fees.

So I think the OFT have to think a bit more laterally about stopping ANY attempt for commercial debt companies to misreprersent themselves whether it is through company names or through the use of mis-leading metatags or any other means.

That simple google search shows that whatever the OFT or others are doing to stop these activities is not working.

You only have to look at credit unions to realise just banning use of say 'Credit Union' in the name doesn't on its own work. You have to apply to the FSA to use the word credit union in your name and are allowed only to do so if you are a bona-fide Credit Union or Credit Union study group. However do a google search for Credit Union and up comes a result in first position headed 'Credit Unions Loan on-line' a commercial company link to Best Loans Direct.

In my view any attempt by a commercial debt company to mis-lead about who they really are should be dealt with severely by the OFT and their credit licence withdrawn if it is not a genuine mistake or withdrawn if there is any repetition.