But last week, due to a combination of my wife hogging the remote and my lack of interest in who will be Canada’s Next Top Model, I chose to watch the ITV1 program Tonight- Payback Time, which highlighted the concern of the growth in payday lending.
In the second part of the program, once all the negatives of a payday loan had been repeated and regurgitated, reference was made to the rise in Debt Management Companies that has coincided with this payday boom. The programs advice to people in need of help was to use a “free” debt management company.
A recent article that I read by BBC News explains how a debt management plan works and highlights pros and cons of a “fee charging” debt management company. It then states that it is much better to speak to a “free” provider if you are in financial hardship.
I have no reason, or indeed have any desire to talk down a “free” debt management company, as they provide an excellent service to many people but in the absence of any media support, I can and shall do my bit to promote the “fee” sector.
Here at Ashley Park, In addition to an introducer scheme we are like many other “Fee charging” debt management companies
We operate within the OFT Debt Management Guidance, We have had a satisfactory inspection visit from the Insolvency Practitioners Association and we have a number of staff studying towards the Certificate in Debt Resolution (CertDR) operated by the debt industry trade organisation: The Debt Resolution Forum.
That said, There are many rouge traders still out there, I personally have alerted the OFT to two this week so I would strongly urge any financial intermediary that is looking to work in tandem with a debt management company to do some background checks on the operation before commencing any arrangement.
