Advertising clamp down for IVA factories
The Office of Fair Trading (OFT) has criticised companies offering debt advice for misleading customers.
The OFT has written to a number of IVA companies who use television, newspapers and the Internet to advertise their services, to warned them that it will consider taking formal action if do not amend their ways.
The OFT said that some debt companies who advertise Individual Voluntary Arrangements as a debt solution were misleading their customers for not explaining where administration charges were being charged.
They also said they were failing to point out to homeowners using Individual Voluntary Arrangements (IVAs) to clear their debt problems that they may be required to release equity from their property as a condition of the IVA.
The OFT also pointed out that some companies were failing to inform their clients that an IVA will impact on their customers credit rating for 6 years.
Setting The Standard
The team behind My IVA Adviser believe it is only right that the OFT protects people searching for a solution to their debt problems.
It's essential that people are given all the necessary facts to enable them to make an informed decision on how they want to deal with their debt problem.
Professional debt advice
If you're struggling with a debt problem and would like to have a chat with a professional advisers, please call our helpline on 0800 088 7503.
There's no charge for the consultation, there's no obligation to act on our advice and your enquiry will be held in the strictest confidence.
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