The Office of Fair Trading is threatening 129 out of 142 debt management firms that unless they improve the way that they treat consumers, they will lose their credit licence.

Debt management firms offer individual voluntary arrangements, debt management plans and negotiations with creditors.  However, it is often implied that these services will be provided free of charge when in fact a fee will apply.  In the worst cases the debt management companies purport to be charitable or government organisations.

The full OFT review can be downloaded from the following link:

http://www.oft.gov.uk/shared_oft/business_leaflets/credit_licences/OFT1274.pdf

For free advice from a Licensed Insolvency Practitioner, please contact Robert Gibbons on 01827 60020 or email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it