We at Payplan have welcomed the ?Stop the Debt Rogues? campaign launched today in the Daily Mirror. The Mirror?s campaign calls for a clamp down on the widespread bad practice by fee-charging debt management companies ? with an estimated 400 firms operating in the UK, many are ripping off consumers and not paying their creditors.
The debt management sector needs to be regulated as a matter of urgency to protect vulnerable consumers suffering at the hands of these unscrupulous providers. We have long called for the proper regulation of operators of debt management plans. As part of their call to action, the Daily Mirror has launched an online petition which is available by clicking here.
The debt management industry is currently regulated by the Office of Fair Trading (OFT) ? but when the OFT published its Debt Management Guidance Compliance Review, assessing a large number of firms in the debt management market, it identified a litany of malpractice. It said that 129 firms were non-compliant with Debt Management Guidance
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