DAMMING REPORT FROM THE OFFICE OF FAIR TRADING

Get expert opinion. This is the place for new questions to be posted.
74 posts Page 1 of 5
 
 

ashb

User avatar
Posts: 248
Joined: Mon Jun 22, 2009 1:47 pm
Location:

Post by ashb » Tue Sep 28, 2010 6:26 am
Does anyone have any comments on the recent news from the OFT on the news report today about the way the market is and the fact that again some of the most vunerable people who already have debt problems are being used.
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm

Post by size5 » Tue Sep 28, 2010 8:01 am
I have seen the report and welcome it quite frankly. Those that trade properly have nothing to fear, and those cowboys that are purely out to make a fast buck should (hopefully) be identified very quickly and either forced to clean up their act to join the rest of us or driven out of business.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

Broke of London

User avatar
Posts: 7761
Joined: Sun Sep 05, 2010 6:04 pm
Location: United Kingdom

Post by Broke of London » Tue Sep 28, 2010 8:11 am
Not seen the report but from reading the forum I can imagine. Will definitely be reading It today!
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Tue Sep 28, 2010 8:43 am
Hi
Here is a summary
http://www.oft.gov.uk/news-and-updates/ ... rid=745674

Like Mike I welcome the report and any action that follows

We are all tarred with the same brush in the commercial sector and do need the cowboys closed down as soon as possible

Regards
Andam Davies
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 28, 2010 9:07 am
What a pity they can't name the firms - at least then people would know who to avoid!

Would this include the 'BR assist' firms that trawl the register as well?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm

Post by size5 » Tue Sep 28, 2010 9:38 am
I doubt it Jan, very much.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

Andrew Graveson

User avatar
Posts: 933
Joined: Wed Jun 13, 2007 7:52 pm
Location: United Kingdom

Post by Andrew Graveson » Tue Sep 28, 2010 9:56 am
There is a little encouragement in that the OFT commented that the two main trade associations, the DRF and DEMSA, had made some progress in driving improvements amongst members.

It's impossible to ignore the fact however that the debt advice and debt management industry (remember this also includes IVA companies in the view of the OFT) has a lot of work to do in order to establish trust and credbility with the public (and also with bodies like the OFT who are there to protect the public).

Hopefully this all drives an exit from the industry of the cowboys, the ill-equipped and the greedy. Hopefully it also enables a more professional and consumer-focussed industry to emerge in the future.
Andrew Graveson
Bright Oak Ltd
UK Debt Management Company
Website: www.brightoak.co.uk
 
 

lukeofyorkshire

User avatar
Posts: 1042
Joined: Tue Feb 02, 2010 6:28 pm
Location: United Kingdom

Post by lukeofyorkshire » Tue Sep 28, 2010 10:01 am
I've downloaded both reports to read when I've got rid of the PR firm who are here to do a photoshoot. I'm sure it will make interesting reading.

I too hope this makes a difference.
1st payment Oct 2008, last payment Dec 2013. Certificate received March 2015 due to PPI claim.
 
 

liamjames

User avatar
Posts: 734
Joined: Mon Jul 27, 2009 9:58 am
Location:

Post by liamjames » Tue Sep 28, 2010 10:30 am
This is fantastic news, and I hope that it causes the cowboys in the industry to clean up their act. :)
Take care,

Liam James
Varden Nuttall
http://www.vardennuttall.co.uk

Read our reviews here: http://www.iva.com/iva_companies/Varden_Nuttall.asp
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 28, 2010 10:36 am
What a pity it's not likely to include the ambulance chasers - that's one sector that does need something doing to it.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

nomoremoney

User avatar
Posts: 186
Joined: Thu Jun 18, 2009 12:11 pm
Location:

Post by nomoremoney » Tue Sep 28, 2010 11:26 am
What do you expect from fee paying DMP firms - they want to make money on debtors...so you must get into more debt.This was always the unsavory connection.

The OFT report clears up the arguments once and for all rattling on this forum in the past of whether you should got to CCCs or a fee paying firm for a DMP that helps to reduces your debt. So CCCS is funded by Banks instead....do I care as long as it aren't coming out of my account.
And Alleluya to that..
Last edited by nomoremoney on Tue Sep 28, 2010 11:27 am, edited 1 time in total.
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Tue Sep 28, 2010 12:34 pm
Hi
What about service levels and interest charges ? It is not all just about no fees
Regards
Andam Davies
 
 

Skippy

User avatar
Posts: 20720
Joined: Sat Oct 21, 2006 6:08 pm
Location: United Kingdom

Post by Skippy » Tue Sep 28, 2010 12:39 pm
Having read various posts on here I have to say that if I was looking for a DMP I would be more likely to go with a fee paying company than one of the so called free companies.
 
 

Michael Peoples

User avatar
Industry Expert
Posts: 15189
Joined: Mon Nov 03, 2008 12:36 pm
Location:

Post by Michael Peoples » Tue Sep 28, 2010 12:44 pm
I would advise people to go to a fee paying company if they cannot do the DMP themselves. I would not advise the CCCS for the very reasons that Andy has mentioned.

Some of these companies are being rapped for saying they can stop interest and charges which in practice they normally can. The CCCS do not advertise such claims as they have clients referred to them by the banks and there is no incentive to stop the interest and charges.

'What do you expect from fee paying DMP firms - they want to make money on debtors...so you must get into more debt.This was always the unsavory connection.'
Nomoremoney. The CCCS are paid a commission from the banks for collecting their debt and also make money from debtors. Their IVA team charges fees like the rest of the industry yet for the number of referrals they only have one IP and do a handful of IVAs. I would like to see the stats for clients who go to a feepaying company versus those who use the 'free' sector. Even allowing for the fact that fee charging companies pay less per month to the banks than the 'free' sector I believe using a feepaying company will have you debt free quicker. They have an incentive to stop interest and charges as you can complain to them about the service but the CCCS can just fob you off with 'What do you want for nothing'.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
 
 

kallis3

User avatar
Forum Expert
Posts: 77167
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Tue Sep 28, 2010 1:04 pm
I did a DMP with a fee paying company and had excellent service from them. All charges and interest were frozen, the company were always there when we needed to speak to them and I did not mind paying for that.

The only reason we changed to an IVA was the length of time the DMP would have been running.

I would always recommend paying a reputable company for a DMP.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
74 posts Page 1 of 5
Return to “Ask IVA Forum and Industry experts”