OFT Close 35 Debt Management Companies. ~ Debt Managements and Consolidation

Written by Lizzy on Monday 31 January 2011

The Office of Fair Trading have released a statement announcing that 35 debt management companies have surrendered their consumer credit license and have ceased trading.

The announcement follows on from the warning they issued in September, see our earlier blog, where they ordered 129 debt management companies to start complying with them or risk losing their license.

As well as the 35 who have lost their license, a further 15 could face losing their license after further investigation.

All 129 companies were asked to submit evidence to show that they are complying with the OFT. Out of those, 79 companies submitted their evidence of which the OFT are now reviewing. Seven debt management companies did not respond to the warning and are now being investigated.

*35 debt management companies have surrendered their consumer credit license
*15 face losing their license
*8 companies have had their licenses revoked by the OFT
*7 didn?t respond and are being investigated
*Further 79 and still being reviewed.

Payplan can proudly announce that the OFT had no concerns about us.

If you have any concerns about your debt management company then contact the Office of Fair Trading. You can read their full statement here.

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