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back to article OFT warns wallet-raiding debt collectors over web ads

Debt management companies have been warned over their use of the internet and social networking when promoting themselves or their services to consumers. The Office of Fair Trading (OFT) said the firms risk losing their consumer credit licences if they offer misleading information to consumers through the mediums. The regulator …

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Blimey. A regulator doing some regulating.

Miracles will never cease.

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Well, it's not Ofcom, is it?

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Unhappy

Warns!

Is the key word.

doing something..... is a completely different matter.

Someday I am going to win the lottery.....

the reality is I may never win the lottery.

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Which Magazine: "Don't pay for debt advice - use free alternatives"

These so-called "Debt management" companies are not in business for the benefit of people in debt, they're out to make money from people who believe their hype.

They are notorious for front-loading fees, taking a cut of any money you pay off themselves and offering commission for referrals to get their hooks into more people.

To quote Which Magazine: "Debt management companies negotiate with consumers’ creditors on their behalf, but offer poor value for money. Fee-charging debt management firms generally target people who are in serious financial trouble."

http://www.which.co.uk/news/2012/01/debt-management-companies---money-products-to-avoid-277404/

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Re: Which Magazine: "Don't pay for debt advice - use free alternatives"

Exactly - isn't there a general saying "never take financial advice from someone who wins when you lose" ?

Seems like sound advice to me.

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Anonymous Coward

>"if they offer misleading information to consumers through the mediums"

They're using spiritualists to advertise to the dead for them, are they?

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