Beat Debt Guide
Don't Delay, Start Today
Beware of Money Advice Direct Limited – WARNING by OFT
The Office of Fair Trading has imposed requirements on MADL in that it must:-
* make it very clear to consumers that the company does not provide or administer debt solutions
* provide consumers with adequate information about the service being offered
* not imply that the service is impartial or independent
* make its commercial status clear and not give the impression through any of its advertising that it is a charity or a publicly funded body, and
* ensure advertising of its debt management services is consistent with the standards set out in the OFT’s Debt Management Guidance.
It is timely advice as there are many companies who are making lots of money out of people who are in debt, and it really isn’t necessary.
As the OFT’s Director of Consumer Credit, Ray Watson, said, ‘It is important that consumers seeking help for debt problems know who they are dealing with and whether the company is providing an actual service or is simply a lead generator. We would advise anyone in financial difficulty to seek free debt advice….”
So, look at your own finances see what help is out there and take action. Just make sure that you are not being misled.
Don’t let that put you off and the best thing to do is to take action today. The sooner you start the sooner you will be out of debt!
Debt Advisers
The Government has granted a reprieve to hundreds of specialist debt advisers facing redundancy as they have agreed to continue the service for a year.
A lot of these people work in Citizens Advice Bureau and it is important to remember that these services are free for people to use. As it states in the article, “The next few years are likely to be very difficult for many people due to stagnating household budgets and rising costs but given CCCS’s capacity on its helpline and online debt counselling, there is no need for anyone to pay for debt advice.”
As I’ve mentioned many times before the key is to realise you have a debt problem and need help. Once you realise that you are on your way to beating debt.
January Blues
11.5 million people turned to credit for their daily purchases according to the Post Office Consumer Credit Report.
More than one in ten (11 per cent) said they needed their card to cover overspend on Christmas purchases!!
What did I say… does nobody listen. Grrrrr….. Five years ago I warned about the danger of Christmas spending and the situation hasn’t changed. It’s the same every year.
Slightly disconcerting is that 33 per cent admitted to relying on their credit card to get through every month anyway.
Looking at the credit card usage throughout the year, half of the credit card holders expect to spend the same as they did during 2010, and over 2.4 million said they expect to spend more on their card during 2011. Yikes!!
The good news is that 56 percent are planning to pay off their bill in full each month to avoid paying any interest charges. However, the bad news is that seven per cent estimate it will take them more than three years to entirely clear their credit card debt..
You all know that the interest charges on Credit Cards are high so if you don’t pay it off in full, the amount you owe can just snowball into a bigger and bigger debt and before you realise it you’re in serious trouble.
So act now and start by getting advice today. Beat Debt!