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Loan protection: Debt management firms could 'lose licences'

Around 129 debt management firms risk losing their consumer credit licences if they do not adhere to the Office of Fair Trading's (OFT) debt management guidelines.

The OFT has issued a formal warning to these companies following a review into the sector, which found that the advertising employed by the firms was misleading.

These companies have been criticised by the OFT for failing to reveal that they charge customers for their services.

Another problem identified was that many of the firms in question were not aware of the Financial Ombudsman Service's rules for resolving customer complaints.

Ray Watson, director of the OFT's consumer credit group, said: "People who are heavily indebted, desperate and vulnerable need advice which makes their problem better not worse and should not be exploited."

The firms have six months to provide evidence that they are adhering to the OFT's debt management guidelines before their licences are revoked.

The government recently launched the My Home Finance Scheme, which is designed to provide an affordable personal loan with 29.9 per cent APR, as an alternative to payday loans.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.ADNFCR-2776-ID-800087351-ADNFCR



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