Daily Mirror Article On Debt Management Firms

[Latch Key Kid]

Hi

Daily Mirror not too impressed with Debt Management Companies it would seem.

http://www.mirror.co.uk/2011/03/30/s...5875-23025098/

Pretty grim reading really.

[pompeyfaith]

Re: Daily Mirror Article On Debt Management Firms

I think they have pick up on this through DCM going into liquidation there are also a few people over on MSE that have gone to the press.

[Latch Key Kid]

Re: Daily Mirror Article On Debt Management Firms

I think they have pick up on this through DCM going into liquidation there are also a few people over on MSE that have gone to the press.

Hi pompey

More to the point -

What are organisations such as DEMSA & DRF actually doing about this sort of thing ?

What are their comments on this article including the paragraphs below I wonder?

"These companies are only loosely regulated by the Office of Fair Trading and that leaves the door wide open for unscrupulous companies to lure people in with false promises of a solution to their debt.

"Many charge extortionate fees running into thousands of pounds, promising to pay off creditors and simplify debt repayment, but leave people worse off and owing more money. An OFT report into the sector found 129 firms in breach of its rules – but it failed to name and shame them, meaning innocent people are still at risk and could still fall victim to bad practice.

This link is interesting -

http://www.insolvencynews.com/articl...ger-talks-fail

Why not start with naming and shaming, after all we hear enough negative comments about the not for profit sector dont we?

Just how genuinely independent are DEMSA & DRF as far as debtors are concerned?

Come on DEMSA & DRF representives (or anybody else from the the fee charging sector) here is your chance to come on a genuine independent forum to comment and perhaps debate the issues.

After all its a serious subject isnt it? and these sort of reports are nothing new, are they?

Think it over