In recent years Debt Management Companies have been in the ascendancy as the credit crunch took hold, but the Office of Fair Trading have been taking action against firms whose actions have been deemed less than professional.

In the past year 62 debt management firms have had their licenses revoked. The reasons for this have ranged from giving inaccurate advice, to companies masquerading as charities. As well as the 62 firms that have been forced to cease trading, the OFT has issued 129 warnings to companies for unprofessional practises.

Debt Management Companies also known as Debt Consolidation Companies are regulated under the Consumer Credit Act and must be licensed in order to provide services to those who are suffering from severe debt problems.

If you’re concerned about advice that has been given to you regarding mounting debts, or want advice and direction from a reputable company, contact us so that we provide you with a professional service to ensure that your debts are resolved as quickly and efficiently as possible.