May 3rd, 2010
It is extremely important for anyone with a large amount of debt to seek professional help and advice. If they do not, then the whole situation can (and often will) get far worse. However, for many people, looking for help has recently become a bit of a worry in itself… The Office of Fair Trading has just ordered 129 debt management companies to clean up their act after accusing them of giving out poor advice to their clients and of using misleading advertising campaigns.
But the worst part of this news does not concern those 129 shady firms offering a substandard debt advisory service; it is the negative image that is being given to the entire sector. There are far more than 129 other companies out there who are totally genuine and these help thousands of people every week to manage their debts!
For those people running a proper debt management service, this news will all be extremely frustrating. There are good and bad products or services in every area of life and they will all be hoping that their customers are aware of this. The whole situation has been made far worse by the fact that the names of these 129 firms cannot be made public. If they could be, then it would help to clear the names of a great many more!
The help and advice offered by debt management companies is invaluable to an enormous amount of the population and anyone who has found themselves in a poor financial situation should not be put off from using these excellent services. Ninety percent of companies on the World Wide Web are completely above board and it is just a terrible shame that such a small amount of firms can cast such a long shadow of doubt across everyone else in the industry.
Article supplied by Abacus Finance who are part of the Cleardebt Group.