Expert warns of fraudulent advice sites - Loans - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Expert warns of fraudulent advice sites

Expert warns of fraudulent advice sites

Category: Loans

Updated: 12/03/2009
First Published: 11/03/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers facing debt management problems have been warned not to pay for advice they could get for free.

The UK Insolvency Helpline noted that "aggressive sales organisations" are operating, with call centres being used to attract business.

"What they have been doing is fraudulently and unethically using charity and government websites to trick people into thinking that they are going to a free advice service," said money advice coordinator Ian Boden-Smyth.

His comments follow Office of Fair Trading orders for 11 such websites to be closed down, a development that could be of interest to those owing money on credit cards and unsecured loans.

The action was taken after charities complained, having discovered that financial management businesses were using similar domain names to legitimate organisations.

And according to Mr Boden-Smyth, anyone who is struggling should consider using the UK Insolvency Service, Citizens Advice or the National Debt Line in order to obtain guidance without having to pay for it.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Blue Monday hits nation’s finances

Today has been dubbed Blue Monday – the most depressing day of the year – and considering how many people could be battling with their finances this month, it’s little wonder.

Calls to make the loans market clearer

At first glance the personal loans market may seem simple enough, but get into the nitty gritty and it can be anything but. As a result, some are calling for action to make the market clearer and fairer for all.

Get the cheapest ever personal loan!

Have you woken up with a financial hangover after the festivities? Perhaps you’ve got big plans for the year ahead, or maybe you need a new car? Well, whatever your reasons for needing a loan, you can now snap one up for the cheapest ever rate!
 
Close