Why pay fees for a debt management plan? See how much we could save you
A fee charging debt management company is a firm that will charge you for debt advice and debt service. They usually take the first two months’ payments into your plan as upfront costs followed by 15% of your monthly payment plus VAT. The New Protocol launched in February 2013 will mean that the up front fees will be taken over six months. See Debt Management Protocol
There are some good fee charging firms operating in the debt industry and if you are happy with your firm then fine. However there are some shockers out there and we have the following guide to help you spot them, see our 7 point guide to spotting a dodgy debt advice website!
If you are thinking of starting a debt management plan or wish to transfer to a 'non' fee debt management plan and not pay fees then see how much we can save you by using the slide bars on our unique fee saving calculator above.
Page last updated Monday, 01 October 2012
Two people who sent out millions of texts offering accident compensation first to be targeted by ICO crackdown.
Two people responsible for sending out millions of spam texts offering accident compensation and PPI misselling services now face fines totalling around half a million pounds.
This is the first time the Information Commissioner's Office (ICO) has used new powers to levy fines of up to £500,000 for misuse of personal data. The ICO reports that another eight companies could face similar fines.
The unnamed individuals have been given 28 days to respond to the ICO to explain why they feel their activities were legal. If they cannot justify the texts then a "final penalty notice" will come into force making them personally liable for the payment.
Why the action was taken
The Information Commissioner's Office (ICO) has taken this action after the alarming rate at which text messages offering a variety of credit services has increased. However, these products and services are actually more likely to have a negative effect on people’s finances.
Firms send out the messages indiscriminately in large volumes, with no details of the sender or knowledge of the recipient’s financial situation. Out of the hundreds they send, it is unfortunately the most vulnerable that are likely to respond. A typical message would claim recipients are entitled to money such as from payment protection insurance, promise to write off debts or find a loan, or suggest you are entitled to accident compensation.
Why you must never reply – even to say STOP!
These types of message usually state that if you reply with ‘STOP’ you will be removed from their mailing list. However, as soon as the firm receives any sort of response to an unsolicited text message, the sender knows that the number is live. This means that you are, in fact, more likely to end up being harassed by a higher volume of messages.
What is wrong with this type of text?
The texts messages that the ICO are concerned about are unsolicited and are not the same as the messages that one may receive after giving consent to a company, for instance, when signing up for a newsletter or buying goods online.
Consumers can limit the amount of this sort of texts they receive by being selective about giving out their mobile number. If the number of texts becomes a problem then you can report spam texts to your mobile network and inform the Information Commissioner.
Are you owed thousands of pounds in mis-sold Payment Protection Insurance (PPI)?
If so we can help you claim in two ways, either use;
our free DIY template letters, or
a firm to help you with a LOW FEE of 12% + vat
Our recommended firm will handle all the claim on a "No Win, No Fee" basis for a fee of just 12% + vat, which is only payable if you have a successful claim.
It's that simple. Take me to: