Doing Research and had an omg moment

[kirmistan]

I am currently doing research for the debt management program i am making, and had a wow omg moment there are over 550 Debt Collection Agency across the UK and my list is still growing.

Maybe i shouldn't have been surprised but it did take me aback.

[filrobbo]

Yes it's big business

Edited May 31, 2013 by citizenB

[Conniff]

You will also notice that it's the same few that are complained about over and over and over yet nothing is ever done by the regulator to curb their disgusting, and in some cases, unlawful means of collection.

[Conniff]

Your thread moved to the Debt management and Debt self-help where others might like to voice their opinions.

[kirmistan]

Thanks @Conniff

For anyone intrested in the list i have so far i have uploaded to my site here - http://www.tutworx.com/share/dca-list.html.

[Nick Pearson]

You will also notice that it's the same few that are complained about over and over and over yet nothing is ever done by the regulator to curb their disgusting, and in some cases, unlawful means of collection.

 

Do you think that FCA regulation of DCA's from April 2014 will make a difference?

[DuffNCustard]

Personally I doubt it. From personal experience having once been very seriously in debt, DCA's and creditors rely upon the ignorance of debtors to frighten the hell out of them in order to shake them down. I was not a 'won't pay' merchant but a 'can't pay' one who contacted a debt charity for help.

 

I used this forum and other debt charity forums to get myself boned up on exactly how things 'worked'. I was then able to deal with my creditors on a very well informed basis. I ensured all penalty 'fines' were reimbursed and was very firm and scrupulously fair in distributing what funds I had among my creditors.

 

In some of the phone calls and correspondence I endured, I was threatened, lied to, generally misinformed and it was intimated that I was not a very moral person. I am made of stern stuff and am very well able to deal with such matters, but I certainly feel for those debtors not so able to assert themselves.

 

The bottom line is only ever one thing - profit. Some of these DCAs run rings around the regulators in pursuit of it.

[Conniff]

I not so sure if the dca's run rings around the regulators or the regulators are not really interested.

[citizenB]

Are they going to be properly regulated or given just another set of "guidelines" that they can pick and choose if they conform or not ?

 

Are there going to be swift and stiff penalties for them not abiding by the rules ?

[BRIGADIER2JCS]

Yes it's big business and most are collecting debt by fraudulent means

Where on earth do you get your information to draw this conclusion???

[BRIGADIER2JCS]

The FCA can be proactive and censure immediately unlike the OFT which can only collate complaints and consider them when CCLs are applied for or renewed, and cannot respond to individual complaints.