Tuesday, 27 September 2011

Rogue debt firms lose licences

The Office of Fair Trading has revealed that 62 debt management firms have lost their licences in the last year, after a crackdown on rogue operators.

Some fee-charging firms have been criticised for misleading customers about their charges and for giving incompetent advice.

Others have been told to stop cold calling customers or pretending that they are charities or from the public sector.

They have to be licensed under the Consumer Credit Act in order to offer their services to people who have serious debt problems.

The 62 have had their licences taken away, been refused licences or surrendered them to the OFT.

The action comes after the watchdog issued warnings to 129 firms last September.

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