Ministry of Justice Issues Debt Management Guidelines
MOJ have published Debt Management guidelines for UK consumers in the wake of a steep rise in the number of formal investigations in the market. Since April 2008 the OFT has undertaken 24 formal actions, including revoking licenses held by debt management businesses.
As well as highlighting the advantages of debt management plans such as lower monthly repayments, the guidelines also warn of the potential pitfalls, such as the solution not being legally binding on creditors.
MOJ have published Debt Management guidelines for UK consumers in the wake of a steep rise in the number of formal investigations in the market. Since April 2008 the OFT has undertaken 24 formal actions, including revoking licenses held by debt management businesses.
As well as highlighting the advantages of debt management plans such as lower monthly repayments, the guidelines also warn of the potential pitfalls, such as the solution not being legally binding on creditors.
Justice Minister Bridget Prentice said: “The new guidance we’ve issued will enable people to make informed decisions when considering a DMP.”
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