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Loan Protection Debt Management Firms Could 'Lose Licences'
Loan Protection Debt Management Firms Could 'Lose Licences'
Debt management firms in the United Kingdom could face heat from the Office Of Fair Trading as many of their advertisement have been found to be misleading targeting heavily indebted customers.
London,
London,
United Kingdom
(pr4links.com)
30/09/2010
"The OFT has found out that many of the advertisement of these firms is misleading and aimed at duping the customers. They generally target heavily indebted, desperate and vulnerable people who need advice."
FOR IMMEDIATE RELEASE
London, UK, 28th September, 2010: 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.
“Many debt management firms might lose their consumer credit license if the Office of Fair Trading comes hard at them with its debt management guidelines” says financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.
“The OFT has found out that many of the advertisement of these firms is misleading and aimed at duping the customers. They generally target heavily indebted, desperate and vulnerable people who need advice.”
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Suite 2, Unit 25
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Street: Munster Road
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PPI Claims Company is one of the premier PPI companies in the world. It has years of experience in this field and can help you with your payment protection claim using their no win, no service fee policy. To know more about loan protection claims and PPI claim back log on to http://www.ppiclaimcompany.co.uk/.
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