Breaking News – Daily Mirror Stop The Debt Rogues

We at Payplan have welcomed the “Stop the Debt Rogues” campaign launched today in the Daily Mirror. The Mirror’s campaign calls for a clamp down on the widespread bad practice by fee-charging debt management companies – with an estimated 400 firms operating in the UK, many are ripping off consumers and not paying their creditors.

The debt management sector needs to be regulated as a matter of urgency to protect vulnerable consumers suffering at the hands of these unscrupulous providers. We have long called for the proper regulation of operators of debt management plans. As part of their call to action, the Daily Mirror has launched an online petition which is available by clicking here.

The debt management industry is currently regulated by the Office of Fair Trading (OFT) – but when the OFT published its Debt Management Guidance Compliance Review, assessing a large number of firms in the debt management market, it identified a litany of malpractice. It said that 129 firms were non-compliant with Debt Management Guidance

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

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Written by davemac on March 30th, 2011

Filed Under Debt News | Trackback | 10 Comments

10 Responses to “Breaking News – Daily Mirror Stop The Debt Rogues”

Practical Debt Advice by Elizabeth McCue says

The Debt Management sector does require clear regulations including charitable organisations such as CCCS and Payplan who funds them? How ethical are they?

If you are in debt you can deal with it yourself for free you don’t need to pay a fee check out the above book it says it all

April 4, 2011 at 6:35 am

Lizzy says

While I agree with your comment regarding self help, many people are under a lot of stress because of their debts and do not have the confidence to do it all by themselves as they need the support. We do offer our clients Self Help Packs where they can manage their own Debt Management Plan and we have a dedicated team that is on hand to help them as and when they need them.

April 4, 2011 at 9:24 am

Practical Debt Advice by Elizabeth McCue says

I understand the pressure and stress I am in debt! I have not slept for months constant phones calls and harassment. I have asked for help from fee and free chargers. I gave up waiting in ques to get through to speak to my counselor I have been sent self help packs that confused me even more although I admit I need guidance.

I am not saying that the good companies like CCCS, National Debtline and Payplan are not helpful they are? I just wonder how ethical they all are in other words where do they get their funding?

I found all of the information in one place no telephone calls, no ques, no pressure. I just follow the booklet page by page and so far am seeing results

April 4, 2011 at 6:58 pm

Lizzy says

Thats great that you are managing to sort your own debts out. We have a lot of people that go down your route, but it can sometimes be very difficult and sometimes our clients can’t cope with the pressures from creditors which is why they come to us.

With regards to our funding, we are completely open to show people where it comes from, this link takes you to our webpage which explains it all http://www.payplan.com/how-are-we-funded.php. Our aim is to help people get out of debt in the quickest way possible and we therefore set up plans to help our clients achieve this goal. Creditors see this and therefore offer donations in recognition for the work we do. We would never force someone to do something that they didn’t feel comfortable with, we put forward the options that are available to them and they decide the route that they want to go down.

April 5, 2011 at 3:31 pm

Practical Debt Advice by Elizabeth McCue says

Hi having a bad day I know charitable organizations do a great job and I’m glad that companies like you are there. What your supporting is great!

April 7, 2011 at 7:39 pm

Lizzy says

Thank you very much. We just hope that many others will also get behind the campaign and sign the petition.

April 8, 2011 at 1:47 pm

marko& Constancia says

Thank you so much for the noble campaign. I hope an pray everyone joins the campign against the financial monsters and sign the petition

April 14, 2011 at 8:00 pm

Mr M Jordan says

A Debt Management Company charging fees when their services (website, freephone, 6/7 12+hr telephone staff) are less than that of (an obviously committed)Payplan – Is Not Right!

April 20, 2011 at 5:31 pm

Jinxed says

I think we should be grateful for the help we receive from charities. If the government decide to regulate Debt Management Plan companies there will no doubt be a fee directly to them. Take advantage whilst you can. The above book looks interesting too

May 25, 2011 at 8:53 am