Debt scams cause heartache
21/06/2010People suffering from severe financial hardship and debt problems are being targeted by companies who charge high fees for non-existent debt clearing loans.
According to Citizens Advice the companies use newspaper ads, internet sites, cold calls and texts to sign up desperate people who fall for their bad debt advice.
Many of those targeted are not able to access mainstream credit and so are tempted to pay an up-front fee for the personal loans, which never actually appear.
People in debt are being warned to make sure that they seek proper professional debt advice and to shop around on a trusted site if they need to access credit.
Kevin Still, director of Atlantic Financial Management, says: "People with debt problems need to seek debt help from legitimate companies acting in their best interests.
"We would recommend that UK consumers in financial difficulty seek professional financial and debt advice before attempting to borrow more, often to meet repayments on a cheaper form of debt."
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