Oft Crackdown On Debt Management Firms

[Saving For a Space Ship]

OFT crackdown on debt management firms

MSE Article LINK

also Daily Mail article

Apologies if posted

[okaycuckoo]

It has told 129 companies, a significant proportion of the 300 to 400 active firms, they will lose their consumer licences unless they take immediate action.

What about returning the money to the most stressed and vulnerable people that they've fleeced over the past few years? These baxtards sign up idiots who have no clue how to manage debt, and set up a monthly plan in which the debt managers are paid more than the creditors on an ongoing basis. Often they charge a hefty up front fee of hundreds of pounds.

Payplan and CCCS do this stuff for free. Jeez, if the debtor rang up his creditors and proposed the same thing he'd manage it himself.

Leeches on the backs of leeches.

[Democorruptcy]

I was going to ask if they were regulated by the FSA at all but then realised what a silly question that was, so decided not to bother.