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PPI Claims: People need to be wary of debt management

PPI refunds could be an alternative to debt consolidation as increasing amounts of providers are having their licences cancelled.

People in financial difficulties and in need of help should speak to an independent organisation before signing up to debt management schemes, said David Rodger, managing director of Debt Advice Foundation.

"Registered debt charities such as ours provide free and impartial advice, so individuals can find out what their options are and decide the best course of action for their particular financial situation," Mr Rodger stated.

The Office of Fair Trading recently cancelled the licences of 62 debt management companies and some fee-charging firms have been accused of misleading customers about potential charges for the management.

Other companies had their licence revoked because they pretended to be a charity.

Consumers have already received more than £215 million in PPI refunds this year, according to the Financial Services Authority.ADNFCR-2776-ID-800746008-ADNFCR

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