Zero-credit empowers borrowers digitally

A new era of transparency

Where would you shop, at “the home of fresh baking”, or where “we never sell a stale cake”?  No prizes for guessing which slogan is Greggs’!  The trouble with debt help is that it is a stale cake - as trapped in stigma as debt victims themselves.  No one wants to talk about it, politicians simplify it and the media exaggerate it to get a good scoop.  This is why personal borrowing has sat at £1.5 trillion since 2008 and the likes of Mumsnet report some 70% of households as struggling. 

The market for recovery

In reality, debtors are no longer an errant minority, but in the mainstream.  Many are the “can’t pays” of a change in circumstances, apparent in the changing profile of debt clients and dynamic growth across the high cost credit sector.  Financially, but not necessarily socially excluded, the squeezed middle is accustomed to choice. 

Leading the debt debate on digital since mid 2009, Zero-credit epitomizes the trend.  Digital media are not simply a cost-effective message board for posting a take-it-or-leave it offer.  They engage a diverse audience, who, far from remaining victims consigned to limited choice, become empowered to browse and compare.  Recovery is dependent on their doing so, because fresh baking is more motivating than stale cake.

Making informed choices together

In Digital Presence for Debt Advice and Resolution Professionals, Zero-credit correlates key digital trends and  service attributes with the latest guidance from the OFT.   Featuring a selection of policy and advice exemplars, this innovative work approaches digital engagement as an arena where consumers and professionals are making informed choices together.  Digital Presence for Debt Advice and Resolution Professionals is on sale at £97, with attractive discounts for members of professional associations and Zero-credit subscribers.

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Posted in: borrowers,digitally,empowers,Zerocredit

OFT warns borrowers of scam

Wednesday 24th August 2011

The Office of Fair Trading (OFT) has released an official warning advising consumers of the dangers of scam loan companies.

For those in debt, it can be very tempting to accept what seems a quick and easy deal from a loan company, however the OFT is warning against accepting loans from companies who take upfront fees but do not provide credit or offer clearly unsuitable credit alternatives. The OFT has released the warning after a 50 per cent year-on-year rise in complaints regarding loan scams. Consumer Direct, an OFT-managed advice service, saw complaints increase from 2,059 between July 1 2009 and June 30 2010 to 3,167 during the same period in 2010-11. OFT Director of the Consumer Credit Group David Fisher said: “We have seen an increase in companies who are not interested in the applicant’s credit history, that ask for payment of fees upfront and then disappear with the money.“We advise people to check out the company carefully before agreeing to anything, including asking for a landline number, a physical address and doing a search about the company online, as well as checking that they have a valid credit licence.”The OFT also released a number of Dos and Don’ts for those needing to take out a loan. The Dos included being ‘very careful when dealing with loan companies that charge upfront fees’, being ‘cautious if a loan company cold-calls you’ and checking ‘that the company has a credit licence on the Consumer Credit Register’.The Don’ts, on the other hand, included not believing ‘adverts which indicate a loan is ‘guaranteed’’, not wiring ‘money to loan companies using money transfer services when applying for loans’ and not giving ‘out your card details ‘for security reasons’ as the company may then debit your bank account without you knowing’.David Fisher advised: “If consumers think that they have been approached or tricked by an advance-fee loan scam, they should report it to Consumer Direct.”For advice on loan scams or any other consumer issues call Consumer Direct on 08454040506 or visit www.direct.gov.uk/consumer. Free, confidential debt advice services are available for those facing financial difficulties through their local Citizens Advice bureau by visiting www.citizensadvice.co.uk/.
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Posted in: borrowers,warns