Commenting on the FCA’s latest investigation into the poor practice of debt management companies, Nicolas Frankcom, money expert at Uswitch.com, said: “Unscrupulous debt management firms are now in the crosshairs of the FCA, and quite rightly so. The market is out of control and needs cleaning up, just as the payday loans sector was over the past few years. Far too often, vulnerable members of society are being placed on inappropriate repayment plans. The firms claim to offer debt management solutions, but in some cases are instead adding to the problem.
“If you’re unable to meet your repayments, you should first contact your lender so they’re aware of the issue and see how they could help. Consumers can also seek high quality free advice which is available from debt charities like StepChange or The Money Advice Service.
“Doing nothing is not an option – the long term impact of not managing debt or keeping up with repayments cannot be underestimated.”
For more information visit https://www.uswitch.com/banking/ target=”_blank”>www.Uswitch.com or call 0800 093 06 07
FOR MORE INFORMATION
Charlotte Nunes
Phone: 020 7148 4664
Email: charlotte.nunes@uswitch.com
Twitter: @uswitchPR
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