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Latest News From The OFT – Payplan’s Reaction

Today the Office of Fair Trading has announced they are imposing requirements on Money Advice Direct Limited (or MADL). This comes after concerns from consumers about them being mislead by their advertising.

MADL are a lead generation company, which means that they introduce consumers to DMP’s and IVA’s to providers through their website.

There were concerns raised about false and misleading content on their website with regards to the funding they receive. MADL pass client details on to other companies who deal with IVA’s and DMP’s in exchange for a fee. Their website gave the impression previously that they were a non-profit organisation.

The OFT’s Director of Consumer Credit, Ray Watson released this statement:
‘It is important that consumers seeking help for debt problems know who they are dealing with and whether the company is providing an actual service or is simply a lead generator.’

Payplan are constantly backing the OFT’s work to improve the standards of the Debt Management sector to ensure that it is a safe and trusting environment for those vulnerable people in need of help.

If you are struggling with debts then please call Payplan on 0800 2802816.

Don’t forget you can also follow me on Facebook and Twitter.

Written by davemac on February 22nd, 2011


Filed Under  Debt News   |  Trackback  |   1 Comment


One Response to “Latest News From The OFT – Payplan’s Reaction”

VINITHA says

When I realised that I was too ill to sort out the mess I was in financially, when the banks started sending me default notices, them charging me left, right and centre, when my entire monthly wages got sucked up by debt, the feeling was as if I had a rope around my neck. It needed only a nudge to push me over the edge. This is why I feel thankful, wholeheartedly, to the Payplan. I have contacted the Payplan just in time. Their contineous help and advice and the support has been invaluable.

When you are in debt, no bank wants to hear your problems. Not like when they want to offer you loans and credit cards. Not like when you have a salary paid into your account. They don’t think that we are only human and life is always unpredicable. One moment you have a job and the next you haven’t, one minute you are in good health and the next you are not. So, when they now write to me and say, they are going to stop me being able to get credit, I know that, I will never ever, as long as I live, will want to go down that road again. I will never fall for the attractive gimmics again. Today, still feeling poorly, with my hands in wrist supports, in pain, waiting for hospital appointments for possible operations in my neck and spine, when I came across the website, I took the trouble to send this message to thank the Payplan. Only the staff in their offices take the time to keep in touch, respond to your e-mails and understand your predicament. Thank you Payplan.

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