November 30, 2009 03:00 ET

MoneySolve Welcomes OFT Review Into Debt Management Industry

MANCHESTER, UNITED KINGDOM--(Marketwire - Nov. 30, 2009) - MoneySolve enhances its commitment to fair and accurate advice for debt ridden consumers, by welcoming the Office of Fair Trading review into the debt management industry. In a bid to ensure that debt ridden consumers are receiving the best and most accurate financial advice possible, the OFT has announced that it will conduct a review into the, as yet, largely unregulated Debt Management industry. It will be the first time since 2003 that the OFT has conducted such a review and since then the industry has grown significantly with increasing emphasis on online advertising and internet based companies.

It will look into the advertising and practices used by debt management companies, as well as analysing how well the companies are adhering to the minimum standards set by the Office of Fair Trading.

In addition to asking debt management businesses to complete questionnaires, the Office of Fair Trading will also seek feedback through its online form from consumers who have any concerns about specific companies or the industry as a whole. Debt charities will have their say too, when the OFT consults them on their opinions of various company compliance with the minimum standards.

In an industry experiencing such rapid growth, with an estimated 100000 debt management plans expected to have been agreed this year, such a review is likely to be a large scale affair.

The Ministry of Justice is currently in discussions about the possibility of regulating the industry.

MoneySolve is a provider of Debt Management Plans, IVAs and other debt solutions, based in Cheshire.

Contact Information

  • MoneySolve
    Elizabeth Beesley
    01625 544789