Seeing payday loan advertisements plastered on billboards and flashing across televisions, the loans on offer appear hassle-free and a savior. But looking into the small print, speculation is being made that credit solutions from the likes of pay-day loan companies are trapping consumers into an interest-saturated loop.
Often, many people find that one payday loan rolls in to another and before they know it, they owe money to several different companies with no funds to make their agreed contractual repayments. It is often when this happens that consumers find themselves approaching a debt management provider, but how do they know who to trust?
There are a number of professional bodies committed to regulating the debt-solution sector, and the quality of its advice and service. Whether you’re in search of debt solutions such as debt management and IVA or a consolidation option, do your research and look for the logos of regulatory bodies like these:
DRF – The Debt Resolution Forum assesses companies’ quality of advice, undertake compliance audits and also monitor their members on an ongoing basis.
OFT - The Office of Fair Trading promote and protect consumer’s interests throughout the UK.
DEMSA - The Debt Managers Standards Association have code 2 approval from the OFT and ensure that members adhere to strict guidelines with regards to the advice and service their members give.
In a press release by the Office of Fair Trading on 10th October 2011, a further number of debt management businesses have been slammed for misleading consumers. There is no quick solution to bring debt relief, but there are debt repayment plans that can make managing your finances a whole lot easier. Seeking advice from a reputable company can be half the battle. Researching relevant regulatory bodies that incorporate online directories point you in the right direction.
The Debt Advisor is committed to providing quality debt advice, and their MD, Beverley Budsworth, has appeared on a number of occasions on the BBC, and the company has also featured on Panorama. To add to this, The Debt Advisor is a member of two regulatory bodies; the logos of which can be seen on their website and Facebook pages.
The most quick, easy and reliable way to gain quality advice with personal debt or business debt is to talk to someone who deals with it everyday. Get in touch with The Debt Advisor today