Debt solutions provider ClearDebt has received thanks from the Office of Fair Trading (OFT) for their co-operation in highlighting poor practice on the part of three companies.
The enterprises are now being investigated for misleading consumers with promises of buying up their debt and negating existing money owed.
Marketing director of ClearDebt Andrew Smith suggested that the firm was aware of how vulnerable people were in the current economic climate.
He said: “Because of that we feel it’s our responsibility to ensure our company and any other which is providing a debt solution service is acting in an honest manner.”
Consumers were warned by the OFT that they would still be required to pay debts under their original terms, on top of money paid to these debt purchasing agencies, as it is illegal to buy up debt without the lender’s consent.
The OFT is Britain’s consumer authority aimed at providing fair market conditions for the general public.
By Francis Finch