Choose a recognised debt management firm
08/06/2010People with debt problems are advised to make sure they pick a reputable debt management company, after a group of Cheshire-based firms were shut down.
The companies were taken to the High Court following an investigation by the Insolvency Service, on the grounds that they were operating against the public interest.
The court heard that the firms had initially offered debt management services, but the investigation discovered that over time, less of the money that was paid to them actually went to creditors.
It also revealed that a number of directors had been making substantial cash withdrawals to lease expensive cars and purchase Rolex watches.
Colin Cronin from the Insolvency Service hopes that this action will send out a clear message to firms which use “deliberately misleading offers” that such action won’t be tolerated.
Kevin Still, director of Atlantic Financial Management, says: "Trust is a fundamental part of the long-term relationship between you and your chosen debt solution provider.
"Retention on your Debt Management Plan (DMP) or IVA are crucial measures of success along with the ability to get interest & charges frozen on a DMP. The debt solution providers credentials information should be available for all to see on their website, including licence information."
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