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Loan charges: Tougher action needed for debt management firms

Tougher action needs to be taken on debt management companies that charge unfair fees, consumer advocacy group Citizens Advice has said.

The charity pointed out that a large number of fee-charging debt management firms are exploiting vulnerable consumers and called on the regulator to impose stricter sanctions on companies that flout industry rules.

Citizens Advice welcomed new, tougher guidelines from the Office for Fair Trading (OFT), but urged the watchdog to ensure that it levies stringent sanctions on offending companies.

Gillian Guy, chief executive of Ctizens Advice, said: "In the past, debt management companies have routinely flouted the OFT's guidelines. The regulator must not be afraid to impose tough sanctions where the guidelines are ignored and to revoke the credit licenses of repeat offenders.

Ed Davey, minister for employment relations, consumer and postal affairs, was called to increase consumers' confidence in the OFT as the government reviews the future of consumer credit regulation.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management. ADNFCR-2776-ID-800731600-ADNFCR

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