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OFT Warns 13 Companies About Their Debt Collection Practices
Press releases 9 April 2008
OFT warns 13 companies about their debt collection practices
47/08 9 April 2008
The OFT has today issued warnings to 13 companies including debt collection agencies and financial institutions telling them that they need to take steps to improve their debt collection practices.
The OFT's debt collection guidance sets out minimum standards for those intending to collect debts that have arisen under consumer credit agreements. The action taken by the OFT against the consumer credit licence holders is a response to a marked increase in consumer complaints received by the OFT about debt collection practices. The OFT found that these companies had generated some of the more serious complaints which involved:
chasing consumers for payment of debts they did not owe
failing to properly investigate disputed debts
failing to carry out sufficient accuracy checks on data received from creditor clients and/or credit reference agencies
contacting debtors at unreasonable times and intervals, threatening home visits when debts were disputed, and
refusing to deal with or bypassing third party consumer representatives such as Citizens Advice Bureaux.
The companies have been given four weeks to respond and the OFT will consider taking action against any business which fails to address the concerns raised, up to and including revoking their consumer credit licences.
David Philpott, OFT Deputy Director of Consumer Credit, said:
'It is unacceptable for debt collection businesses to engage in unfair practices and we will continue to take action where we find evidence of this. One of our main priorities is to protect consumers who may already be vulnerable as a consequence of serious debt problems'.
OFT Warns 13 Companies About Their Debt Collection Practices
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