Friday, 11 March 2011

CAB cold-calling complaint threatens legitimate debt management firms

An investigation has been launched by the Office of Fair Trading (OFT), after a major complaint over cold-calling was lodged by the Citizens Advice Bureau (CAB).
CAB claim to have received an increase in the number of complaints reported by consumers, who were persuaded to hand over their bank account details to illegitimate ‘debt management’ firms as a direct result of cold calls.

The OFT said that cold calling by such firms was an ‘emerging unfair business practice’, and that the ‘practice of illegal or misleading cold calling for debt management services must cease immediately’.
However the advisors at debt management firms which do follow the OFT’s guidelines, have expressed concern that the CAB’s super-complaint could lead to vulnerable individuals being less likely to approach debt solutions firms, who could potentially lessen their financial woes.

Other useful related links

Neil Conrad, a regional advisor at Eurodebt Financial Services, said: “I think the super complaint by the CAB, who seem to want the OFT to blanket ban cold calling & up-front fees, is in danger of tarring all companies with the same brush, and could prevent people being contacted by companies such as EuroDebt, who can provide them with genuine help.”

Beverley Budsworth, Managing Director of The Business Debt Advisor, added: “The OFT guidelines on debt management do not permit cold calling by personal visit. If people have opted in or ticked a box that says they want further help, then this is permissible.
“I do hope that the OFT takes a practical approach and stamps out sharp practice but leaves intact compliant debt management companies who genuinely care about improving people’s awareness of the excellent rescue culture we have in this country.”
The OFT’s investigation is currently on-going, but the OFT is expected to publish a response to the Bureau’s complaint within the next 90 days.


  1. You managed to hit the nail right on the head and explained out everything without complication.You gave me some important tips. Thank you. Keep on posting interesting article.

  2. I prefer to read this kind of stuff. The quality of content is fine and the conclusion is good. Thanks for the post.
    Internet Marketing

  3. Styled after health club rowers that can cost hundreds more, this piece of fitness equipment is designed with a fully enclosed air resistance system.
    tea bags

  4. We then discuss how to get out of different types of debt, such as car loans, mortgages, credit card and IRS debts student loan debt.
    Credit Counseling

  5. Ted Connolly is a lawyer in the Boston office of a large, international law firm, where he concentrates his legal practice in bankruptcy and finance law.
    nevada bankruptcy

  6. Best of all, this California Guide has a Money Back Guaranty. If you are not satisfied with the California Guide you buy on this website, I will send you a refund- no questions asked.
    illinois bankruptcy

  7. You should consider how a filing may affect your life, how not filing may affect your life and then decide which results are better for you.
    alabama bankruptcy

  8. You can do this online easily by typing in your state and the keyword “home schooling” at your favorite search engine.
    how to home school

  9. If you are not satisfied with the California Guide you buy on this website, I will send you a refund- no questions asked.
    california bankruptcy

  10. Besides, a treadmill workout is mostly for the lower body, which means you have to find another way to work your upper body.