You may have read my recent blog regarding some websites that have caught the eye of the OFT. Three of the non-compliant debt management firms have been named this week, as they have undertaken to improve their services.
The firms were facing having their consumer credity licences revoked after complaints from consumers and charities such as the Consumer Credit Counselling Services. Buckley Stephens & Co Ltd, Pendragon Financial Services Ltd (both trading as Spectrum Financial Protection), and WKD UK Ltd, trading as Money Tailor, have all written to undertake full compliance with the OFT's Debt Management Guidance.
Buckley Stephens and Pendragon have agreed not to take on any more debt management customers. All three companies were alleged to have failed to provide their debt management services with due care and skill, failing to have appropriate complaints procedures in place, and not keeping clients informd of the negotiations progress.
WKD has agreed to give clearer information on its website regarding its fees and services. Ray Watson, director of consumer credit at the OFT has said, "The matters covered by these undertakings are very serious and we will work very closely with West Yorkshire trading standards to monitor their compliance. If we receive evidence of a possible breach of the undertakings we will not hesitate to take further action.
If you are in need of debt advice, call MRA Debt Help on 01424 777156, where one of our debt counsellors will be happy to help.
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