Debt Management Firms selling unsuitable plans, says FCA

[Wintry]

Here is an interesting article from the BBC, it will probably not surprise many on here

 

http://www.bbc.co.uk/news/business-26692111

 

Looks like the FCA have arrived

 

http://www.fca.org.uk/

 

Going with a free provider is a no brainer for me but people have a right to choose which is correct in my opinion

 

A selection of free advice and DMP providers & self managing below (there are others)

 

Free DMP providers Stepchange & Payplan

 

http://www.stepchange.org/

 

http://www.payplan.com/ (not a charity)

 

My Money Steps

 

https://www.mymoneysteps.org/

 

National Debtline

 

https://www.nationaldebtline.org/EW/Pages/default.aspx

 

Citizens Advice Cabmoney online self help DMP including transfer facility

 

https://nedcab.cabmoney.org.uk/dmp.asp

 

Citizens Advice Cabmoney general info on DMPs, Providers & Systems

 

https://nedcab.cabmoney.org.uk/remedy_4.asp

 

Always make sure you get full advice on all your options

 

My opinions

 

W

[Wintry]

It's no surprise at all. CAG has been warning of the rip-off charges these companies take from those who can't afford it.

 

 

So, once more - don't go with any company that charges for debt management - you can do it yourself for free!

 

Hi Conniff

 

What with the FCA arriving so to speak, the new DMP protocol along with other developments it could be a very tricky time for the fee charging DMP sector

 

A number of the fee chargers will have prepared themselves for all this but still could find it a very challenging time indeed and will likely 'compete' much stronger amongst themselves... to begin with anyway:)

 

It was always going to be a very interesting year on the debt advice front especially DMP wise.

 

A lot to come yet and maybe the gloves will really start come off soon and perhaps also a loose cannon or two open fire

 

W

[Wintry]

Hi

 

No sympathy on here for the fee charging sector it would seem:)

 

It is a very large sector nevertheless and accounts for a huge 'slice' of the market!

 

The FCA are making a noise and impact already it would seem

 

Really fascinating & interesting times to be honest

 

W

[Wintry]

Well, you can't really have any sympathy for a company who aren't interested in the person but in the profit.

 

 

These companies take a whopping percentage of what you pay each month, money that could be going towards reducing the debts. They have their place, maybe, but they don't go through counseling with you to see how you can make savings in the future and not get into debt again. That's more than half the battle.

 

 

Hi

 

 

Have you ever looked at some of the job adverts?

 

 

W

[Wintry]

Hi

 

Thinking about it and being honest the damage was done with the first (now deleted) post, that I understand clearly identified the company.

 

Not wanting to deny the company poster a fair chance to reply the only thing I will say is it did not really help the profit makers cause by doing the above along with the claims made as they were just the same old standard marketing and sales stuff in my opinion.

 

'Couched' just about summed it up really.

 

Genuine debate involving all sides however should always be encouraged in my opinion.

 

Just my views

 

W

[Wintry]

Hi Wintry.

 

Yes the first post was clear advertising and was indicative of someone not reading the site rules before posting. By originally editing and letting them know they were given an opportunity.

 

Subsequent posts contained too much sales and advertising puff for the company and we cannot allow that.

 

I agree that discussion and debate is good but when a line is crossed then we have to step in I'm afraid. We must always be mindful that some less experienced members and may be taken in by it all and those who are vulnerable may clutch at any hope that is offered and end up in a worse situation.

 

Hi ims

 

Yes, well put, I agree

 

Just to add that I chuckled at the bit where when asked, the poster did not seem to have the information on the fees in the case study, you could not make that one up when taken in context of the subject matter.

 

My view

 

W

[Wintry]

To be honest, it simply sounded like another First Step Finance:

 

http://oft.gov.uk/news-and-updates/press/2012/107-12

 

Hi sequenci

 

How you doing?

 

W

[Wintry]

I'm great, thanks. Incredibly busy at the mo (exams and day job) but still try and look in

 

Hope you are too!

 

Seq

 

Hi

 

No more exams for me, been 'qualified' for a while now & a DRO I too

 

I'm an old hand now, learning and passing on my 'experience' (and a bit of the unorthodox stuff) on to the others (the future:)

 

Ahh well, nothing good lasts forever & all good things come to an end

 

Thanks for attending:)

 

W

[Wintry]

Hey, sequenci

 

Forgot to wish you good luck with the exams

 

So here it is

 

Good luck and I hope you are successful

 

As I am quite sure that you will be:)

 

W