Reactions to MPs Debt Management and Payday Loans report

ClearDebt are collecting reactions from around the web to the MPs report into Payday loan and Debt Management companies. Read them here.

With the publication today of the Business, Skills and Innovation Committee report into debt management we are collecting reactions from around the web to the MPs report into Payday loan and Debt Management companies.

Andrew Smith, Director of External Affairs of ClearDebt has commented about the report.

If you have a view about the Committee report, please leave a comment below.

We will be updating reactions as the days events unfold.

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  1. I don’t know why payday loans and debt management companies are being bracketed together since one is designed to get you into debt and the other to get you out.

  2. Some debt management companies and payday loan companies do share some common ground insofar as they depend on the misfortune, and often a lack of financial sophistication, of the people they purport to help.

    Some people who enter debt management plans can often find themselves subject to unreasonable administration fees and in a worse position than they were at the outset.

    I know of one debt management company who advise new clients to max out all credit cards, overdrafts, and any other lines of credit immediately prior to setting up the plan. Bad advice and hardly ethical.

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