Latest News From The OFT – Payplan’s Reaction ~ Debt Managements and Consolidation

Written by Lizzy on Tuesday 22 February 2011

Today the Office of Fair Trading has announced they are imposing requirements on Money Advice Direct Limited (or MADL). This comes after concerns from consumers about them being mislead by their advertising.

MADL are a lead generation company, which means that they introduce consumers to DMP?s and IVA?s to providers through their website.

There were concerns raised about false and misleading content on their website with regards to the funding they receive. MADL pass client details on to other companies who deal with IVA?s and DMP?s in exchange for a fee. Their website gave the impression previously that they were a non-profit organisation.

The OFT?s Director of Consumer Credit, Ray Watson released this statement:
‘It is important that consumers seeking help for debt problems know who they are dealing with and whether the company is providing an actual service or is simply a lead generator.?

Payplan are constantly backing the OFT?s work to improve the standards of the Debt Management sector to ensure that it is a safe and trusting environment for those vulnerable people in need of help.

If you are struggling with debts then please call Payplan on 0800 2802816.

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