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Looking for a solution to your debts? Beware! The Ministry of Justice has recently closed over 100 fraudulent companies.
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“I wish I had done this years ago instead of struggling through as best I could, maybe now I would be debt free. The Debt Counsel really have helped in turning my life around. Thank you!”. Satisfied customer / Saffron Walden
Total consumer credit lending to individuals at the end of Feb 09 was £231bn. This has continued to slow to 3.4% in the
last 12 months.
- Government backed Insolvency Service increase fees by 25 per cent
- Value of debts written off by UK banks up by over 25 per cent
- The Limit on contactless card payments increases to £15
- UK credit card debts left to pile up
- Ex Government Advisor says credit card interest rates are excessive
- ?Missing? credit report information could affect your ability to get credit
- Highest Credit Card Interest Rates since 1998
- Mortgage applications up 14% in January
Warning of non DEMSA registered Debt Management companies
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5th February 2010
Warning of non DEMSA registered Debt Management companies
Tim Moss, head of loans and debt at moneysupermarket.com, said: "We can expect to see around 30 per cent more applications for debt management plans this year and consumers have to be very careful when dipping their toe into this world, as it currently exists outside the realm of government regulation."
Moss continued: "We have heard of horrific cases where up to six payments are taken in charges before a creditor is paid, this means you will have paid lots of money to the debt manager before they have cleared a single penny of your debt.”
"If you are going to use a debt management company you should only do so with your eyes wide open. Not being fully aware of all the charges involved could make a bad financial situation much much worse," he added.
Craig Gedey, Marketing Manager at Debt Advisory Line said: ‘We are one of the DEMSA accredited debt management companies listed on Moneysupermarket.com.’
‘It is vital that people seeking debt advice contact a DEMSA accredited Debt Company. This means that the code of conduct, as set out by DEMSA is adhered to at all times.’
‘People should also be aware that the DEMSA code of practice is approved under the OFT (Office of Fair Trading) Consumer Codes Approval Scheme (CCAS). This provides more confidence for people when dealing with debt management companies.’
Gedey added: ‘The Debt Advisory Line were voted ‘debt management provider of the year 2008 & 2009’ and over 95 per cent our customers would recommend their friends and family.’
According to moneysupermarket.com high unemployment and rising interest rates are expected to drive a 30 per cent spike in the number of people seeking debt management plans in 2010. -
