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OFT go after the Debt Management Companies - Result!


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I should imagine that, with the help of CAG and The National Debtline etc, debtors are far more likely to be able to manage their own debt than paying to use the services of DMCs anyway! In fact, after reading the report, it's a given!


How about the OFT tackling something really meaty now - DCAs? They really do need investigating!



Impecunious! :-)

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A DMC a long time ago (way before CAG) got me a CCJ and had I known then what I know now my debt situation may not have escalated - however I finished with them and have only used one when the pressure got too much - gave me a breathing space but didn't get the debt mountain down - and again they failed to return money to me which was returned by a creditor, they 'used' this to pay 'additional sums' to other debtors on a pro rata basis.


Shortly after that little episode I found CAG and within a year 7 creditors had been fully paid, two more ran off and another proved to be unenforceable via court.


I am now 'in the clear' and am working towards saving towards a holiday next year.


DMCs are as bad as the DCAs who sometimes hide behind them.

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