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News

28 January 2010

PRESS RELEASE

The Money Advice Trust today backed the OFT consultation on unenforceable credit agreement guidance. Advisers at the Money Advice Trust’s helpline, National Debtline have long been aware of the problems that can arise when Claims Management Companies target people in debt.

Chief Executive Joanna Elson, who today addressed the issue at the annual British Bankers Association conference said:

“It is imperative that the OFT cracks down on Claims Management Companies (CMCs) who prey on the most vulnerable in society. We have seen a number of highly distressing cases at National Debtline where claims management companies have promised clients the earth and left them with an even bigger debt than when they started”
 
The Money Advice Trust has seen a rise in the number of clients calling National Debtline after being cold called by a claims management company, in one case a client paid £1,200 to a claims management company who promised to get their credit card debt written off. In this case, the client is still being pursued for the debt and has been unable to have their money refunded by the claims management company.
 
Joanna Continued:

“We are seeing this kind of story more and more frequently at National Debtline, and the Money Advice Trust applauds the OFT in its attempts to bring the claims management company industry under control. We urge those in debt to seek free independent debt advice. The earlier clients seek advice, the more options they are likely to have”

-ENDS-

 

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