UK Debt Relief Providers May Lose Credit License On The Spot

The Office of Fair Trading, (UK Equivalent of FTC) has announced they are considering adding a new power to their quiver of tools to deal with rouge debt relief companies. This new proposal seems very risky to even good and compliant debt relief providers in the UK. Under this new proposal the OFT could suspend … Read more

Office of Fair Trading in UK Issues New Rules for Debt Relief Providers

The Office of Fair Trading (OFT) in the UK has recently issued new rules that govern the delivery of debt relief assistance in the UK. Under these new rules a number of items are considered to be unfair or improper business practices. The OFT stated: Businesses specialising in ‘lead generation’ use various marketing methods to … Read more

Lead Generation Websites Closed Following OFT Investigation in the UK

The Office of Fair Trading in the UK, the near equivalent of the FTC here in the U.S. just announced a crackdown on financial services lead generation sites. In the UK, websites that generate leads must be licensed under the Consumer Credit Act. The sites closed by the government were: www.loansfordisabledpeople.co.uk www.samedayloansforpeopleonbenefits.co.uk www.militaryloans.org.uk www.cashloansforpeopleonbenefits.org.uk www.urgentloansbadcredit.co.uk … Read more

Debt Management Industry Facing Widespread Problems in UK

The Office of Fair Trading (OFT) in the UK has just released a report warning 129 debt management companies they risk losing their license to operate. The OFT in the UK serves a similar function as the FTC in the U.S. In the UK debt management companies can operate as for-profit companies and fees may … Read more

Debt Settlement Companies Setting Up Offshore Better Watch Out Says the OFT

Today I had the pleasure of interviewing Nigel Cates, the Deputy Director of the Credit Group with the Office of Fair Trading (OFT) in England. The issue at hand was one that had been raised previously here. The allegations going around was that a law firm/marketing company was trying to recruit affiliates and possibly lawyers … Read more