- Home
- What is a Trust Deed?
- Finding Trust Deed Firms
- Scottish Trust Deed Firms
- Trust Deed Advice Forum
- Trust Deed Expenditure Guidelines
- Trust Deed News
- 2010 Trust Deed Survey Results
- Trust Deed Blog
- Our Trust Deed Experts
- Mark Mcfadyen
- Mark Mcfadyen's Interview
- Kevin Mapstone
- Kevin Mapstone's Interview
- Shona Maxwell
- Shona Maxwell's Interview
- Chris Wardle Profile
- Chris Wardle Interview
- Michael McGowan Profile
- Michael McGowan Interview
- Julie Heaton
- Julie Heaton's Interview
- Trust Deed Assistant
- Other Debt Solutions
- Debt Arrangement Scheme
- Bankruptcy / Sequestration
- Certificate for Sequestration
- LILA Sequestration
- Debt Management Scotland
- Debt Advice Scotland
- Debt Help Scotland
- Trust Deed Comparison
- Free Credit Report Trial
- Trust Deed FAQ
- Life After A Trust Deed
- About Us
- Contact Us
- Trust Deed Links
- Trust Deed Bank Accounts
- Trust Deed Fees
- Bookmark Us
OFT imposes requirements on Manchester debt management provider
12th July 2010
The Office of Fair Trading has announced that Manchester-based debt manager provider Mr Nasser Mohammed Yusuf is now subject to imposed requirements. Mr Yusuf has traded as Advance Money Management amongst other trading names.
Included amongst the requirements are the need to comply with the OFT’s Debt Management Guidance and to implement adequate complaints handling procedures.
Nigel Cates, Deputy Director of the OFT’s Consumer Credit Group, said:
“It is important that all companies, especially those dealing with consumers facing financial difficulty, comply fully with the standards expected of them. The OFT will use its powers to ensure that consumers receive a proper standard of customer care and do not suffer detriment as a result of the behaviour of licensed businesses”.
The entire debt solutions sector, including Protected Trust Deed providers, is currently being closely watched by the Office of Fair Trading. Concerns exist that certain providers are delivering poor advice, charging exploitative fees and providing insufficient levels of client care in many areas of the trust deed market
Trade Associations including the Debt Resolution Forum and the Debt Managers Standards Association, are working hard to clean-up the industry from the inside. However, no requirement for membership to one of these organisations currently exists and many providers of debt advice and debt solutions have failed to join a Trade Association.
To compound the difficulties many unlicensed debt-advice websites are delivering sub-standard and biased advice likely to cause further damage to consumers.
Accordingly those seeking help and advice with their debts are urged to take great care in selecting a trust deed company or charity to help them.
Given the personal pressures often associated with debt, it’s unsurprising many people are tempted to accept the first offer of help that they receive. A quick read of the Protected Trust Deed forum at www.trust-deed.co.uk reveals this can be a very costly mistake.
Trust Deed Firms
|