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UK Debt Management Company, Abbot & Edwards, Welcomes OFT Measures
UK Debt Management Company, Abbot & Edwards, Welcomes OFT Measures
The OFT announcement of a range of measures in relation to charges and marketing of UK debt management firms has been welcomed by the UK debt management company Abbot & Edwards.
Victoria,
London,
United Kingdom
(sardnews.org)
03/06/2011
The OFT announcement of a range of measures in relation to charges and marketing of UK debt management firms has been welcomed by the UK debt management company ( http://www.abbotandedwards.co.uk/debt-management-uk.htm ) Abbot & Edwards.
On the 1st June 2011 the OFT (Office of Fair Trading) made public a set of measures relating to the fee and marketing practices of debt management companies in the United Kingdom. The measures are being put in place to protect vulnerable consumers from dubious practices of some companies in this industry.
On the foot of this announcement, debt management companies and credit brokers can expect more rigorous policing and the OFT is also publishing two guidance documents relating to the expectations of debt management companies and credit brokers.
One of the biggest issues has been that the OFT estimate that approximately 270,000 UK residents have parted with an upfront fee over the last year to companies who led them to believe that they would receive an unsecured loan. On average these charges were between fifty and seventy pounds.
What is highly concerning is that the OFT’s super-complaint response leads us to believe that there are in fact a number of businesses whose business model is modelled on the concept of taking an upfront fee for services that these companies are unlikely to provide.
The UK debt management company, Abbot & Edwards, commented on the OFT measures saying that they welcome the measures as these will result in more protection for the consumer over time.
They confirmed that their clients must decide to enter into a solution with their company and it is then that the customer is charged a fee. This debt management firm calculates the fee at the financial review of the client.
Additionally Abbot & Edwards issues a key features document with an estimated fees schedule on receipt of the first payment from a client. A 14 day cooling off period is offered from the date of this letter during which time a full refund of any fees have been taken is available to the client.
This debt management company are one of the first to welcome the measures from the OFT and no doubt there are many other professional UK debt management companies who also appreciate the industry potential of this initiative.
About Abbot & Edwards
Abbot & Edwards are a UK Debt Management company with a team of financial consultants whom are passionately committed to helping their customers resolve their financial issues in the most effective and economic manner.
If you need to get free expert confidential advice today call 0800 533 5444.
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