City regulator blasts debt assistance firms.
PEOPLE desperate for help with their debt problems are being recommended plans by debt management firms where it would take more than a century to clear what they owe, an investigation by the City regulator has found.
The Financial Conduct Authority (FCA) found that the quality of advice being provided to vulnerable consumers by some fee-charging debt management firms was "unacceptably low". It said "many instances" had been found where customers had been recommended very longterm debt management plans, with some lasting 100-plus years.
However, the vast majority of people with debts such as personal loans and credit cards are feeling confident about their ability to repay what they owe, a report for Lloyds Bank has found. But one in 33 are not at all confident.
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|Publication:||Huddersfield Daily Examiner (Huddersfield, England)|
|Date:||Jul 2, 2015|
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