Debt Settlement Order Scam
Looks like UK residents are now getting unsolicited text messages claiming the UK has passed some sort of new debt settlement order that allows people to pay back their debts for less.
An example of the unsolicited text says:
A Debt Settlement Order has been introduced, this means people struggling with debt can apply to have if wiped off, to apply reply DEBT.
This appears to be nothing more than an attempt to be clever and market debt settlement services, under false pretenses, to people living in the UK.
It’s not true. There is not such thing as a Debt Settlement Order in the UK.
The only solution that even comes close if an Individual Voluntary Arrangement (IVA) but that process is entirely different than debt settlement.
An IVA can become binding on creditors, a debt settlement order, if such a thing even existed, would not be.
Beware of anyone trying to sell you something called a debt settlement order. I can sense a number of people are going to get harmed by this scam.