DAMMING REPORT FROM THE OFFICE OF FAIR TRADING

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ashb

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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

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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.

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Broke of London

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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

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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

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Andam Davies
 
 

kallis3

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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.
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size5

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

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Andrew Graveson

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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
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lukeofyorkshire

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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

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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. :)
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kallis3

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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

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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

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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
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Andam Davies
 
 

Skippy

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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

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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
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kallis3

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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
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