09 March 2009

Debt Management Websites Shut Down

The Office of Fair Trading (OFT) has decided to take drastic action against 27 websites which have, according to them, been deliberately misleading consumers. The websites, which have not been named, have been accused of using names which sound very similar to independent, free debt management advice agencies.

As unemployment figures increase, more people are dealing with money issues and are therefore seeking debt advice. What they should look out for, say the OFT, is that the website they are considering carries a consumer credit license and act in accordance with the OFT's guidelines.

Any consumers unsure can visit the OFT website for information. Another way of finding out about a service is to have a look at the Terms and Conditions. Note though that websites are perfectly within their rights to charge for advice services.

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