Debt management firms – the clampdown continues
The Office of Fair Trading is certainly showing it’s teeth when it comes to debt management companies, specifically relating to misleading advertisements, enforcement of rules for handling client funds and perhaps most significantly, in relation to cold calling campaigns.
It is thought that a significant proportion of the debt management companies in the Uk may close as a result of the clampdown notwithstanding that this is a big and lucrative market, with millions currently feeling vulnerable and unable to meet their financial commitments.