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Misleading debt advisers closed down by OFT | |
(about 2 hours later) | |
Four firms that misled people in debt have been shut down by the Office of Fair Trading (OFT). | |
The regulator said they had sent unsolicited letters, claiming recipients might have been mis-sold an IVA, a formal insolvency arrangement. | The regulator said they had sent unsolicited letters, claiming recipients might have been mis-sold an IVA, a formal insolvency arrangement. |
The firms which have lost their consumer credit licences are Bankruptcy Ltd, Intl Marketing, UK Bankruptcy, and UK Mortgage Link. | The firms which have lost their consumer credit licences are Bankruptcy Ltd, Intl Marketing, UK Bankruptcy, and UK Mortgage Link. |
The OFT said the firms had offered poor quality advice. | |
"The mailings sent suggested that bankruptcy may be a better option for consumers, when this may not have been the case," an OFT spokesman said. | |
"Consumers accepting the advertised services would have had to pay additional fees to switch to a different debt solution that may not have been in their best interests." | "Consumers accepting the advertised services would have had to pay additional fees to switch to a different debt solution that may not have been in their best interests." |
Nearly three years ago the OFT warned 12 firms to stop making similar misleading claims to people who had already declared themselves insolvent via an IVA. |
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