Published on January 29th, 2011 | by Pete0
Dubious debt firms bite the dust
Good news! 50 dodgy debt management companies are about to leave the market place, as a result of either expulsion, or leaving voluntarily. The catalyst for this mass exodus was an investigation by the Office of Fair Trading (OFT) who had already dished out warnings to 129 different firms. This was due to widespread abuses of power.
Around 35 outfits had surrendered their ‘consumer credit licences’ as a result of OFT pressure and another 15 are about to face what is known as ‘licensing action’. Some of these unscrupulous firms have a habit of charging high fees and therefore push already debt ridden borrowers into further debt, under the guise of ‘helping’ them. It makes me feel quite sick really. So, well done to the OFT, who have struck a blow against evil money makers!