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The OFT appear to be biting...

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Saw this in Credit Today, a debt management company closed down.... maybe the OFT have decided to act rather than just collect paper!


Bring on other sharks in the debt 'management' business


Credit Today online

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I bet Heather Gregsmith hates having to report stories like that :D

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Their news page seems to be screwing up (or doesn't like Firefox). What was it about?

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OFT refuses debt management licence - 09/07/2009



The Office of Fair Trading (OFT) has refused an application for a consumer credit licence from a debt management business that committed an offence by offering unlicensed services.


An OFT adjudicator decided that the company was not fit or competent to hold a consumer credit licence and the application was therefore refused.


As well as engaging in unlicensed trading, the OFT found that A & H Debt Dissolvers Ltd (A & H), based in Ormskirk, Lancashire, had failed to demonstrate the competence necessary to run a debt management business and failed to comply with the OFT’s debt management guidance. The regulator said these breaches included the publication of misleading website statements and by not being transparent regarding fees.


A & H misleadingly advertised ‘free help and advice’ and ‘expert advice’ to consumers with serious debt problems through its own website http://www.ahdebtdissolvers.co.uk, and the website of an associated company, http://www.crunchyourcredit.co.uk. These websites have now been closed down.


Ray Watson, director of consumer credit for the OFT, said: "Where businesses show themselves to be unwilling to comply with their legal obligations and to lack competence to engage in credit activities we will take all necessary action to ensure consumers are protected. Unlicensed trading is not acceptable. It poses real risks of harm to consumers and denies them effective protection under the law."





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