The Debt Support Company News & Articles

A couple have been banned from running a “debt sale” business which took more than a million pounds in fees from clients.

The injunction, imposed by Birmingham County Court, was granted after an investigation by Birmingham Trading Standards officers.

The firm, Credit Card Killer, was run by Mr and Mrs Basil Rankine.

They were accused of making misleading claims that people could legally escape their debts by selling them.

The Rankines were accused of running an unfair commercial practice, specifically by suggesting that people could be free of their debts within two weeks, by “selling” them for just one pound.

The couple also charged a percentage of the debt that had been supposedly offloaded.

“The company’s activities were causing significant detriment to vulnerable consumers,” the Office of Fair Trading (OFT) said today.

“It has been estimated that customers have paid over £1m in up front fees for a “service” which the OFT believes to be a scam.”

Warning

The Office of Fair Trading, which welcomed the court order, first warned against this sort of business last July.

It pinpointed an upsurge in adverts from claims and debt management companies, who had suggested that debts could be sold, and without the permission of the original lender.

“You cannot simply sell on your debt and its liabilities, and businesses that make misleading claims to the contrary are just trying to take advantage of consumers’ distress,” the OFT said at the time.

The regulator pointed out today that anyone who “sold” their debt to a firm such as Credit Card Killer ran the risk that they would still have to repay their lender.

They might also lose the fee they had paid the Rankines, would face action by debt collectors acting on behalf of their original lender, and might also ruin their credit rating.

The embittered claims management sector has been dealt another blow after a judge at the Manchester Mercantile Court ruled that lenders can still enforce debts even if the original loan agreement has been lost or destroyed. The decision to hear a number of test cases at the court came as a result of the number of claims management companies bringing county court cases regarding the enforceability of pre-April 2007 Consumer Credit Act (CCA) agreements.  

The purpose of the judgment was to give general guidance about these cases, in the hope of narrowing down or eliminating the issues that have arisen in hundreds of similar claims brought to county courts across the UK.  

Eight cases were selected involving five banks and four firms of solicitors acting for the plaintiffs, with the Office of Fair Trading (OFT) also being represented. The hearing was held between 30 November and 4 December 2009, with the significant judgment issued on 23 December 2009. 

The judgment was a complex one running to 59 pages, however essentially the judge threw out both the legal basis on which the cases were brought and the cases themselves, in a decision that could affect thousands of potential claims management cases.  

According to reports, the judge wanted some proof, rather than just assertion, that there was either no signed agreement or an improperly executed one. The judgment says a S78 (Section 78 of the Consumer Credit Act) copy need not be a copy of the signed agreement showing the customer’s and the bank’s signatures and that in the absence of evidence to the contrary the court would accept that if standard practice complied with the Act then the disputed agreements would remain in force.

With Help 2010 Could Get Your Finances In Check

We all want to make sure that we start 2010 afresh without carrying any troubles from the previous year. It’s the same every year and many people make New Year resolutions that they try their hardest to stick to.

For those in financial difficulty, it can be more important than ever to get money sorted so they can start the New Year on the right foot, and fortunately there are companies that can help; with debt management plans.

The Debt Support Company, pride themselves on their ability to provide honest, respectable advice to those that need support in sorting out their financial difficulties. With debt management plans that are designed to each individuals needs, The Debt Support Company can get people back on track and help them start the New Year with only one goal in mind; peace of mind.

Whether you have found you have over spent during this year, or your debt goes back further than 2009, it’s vital that you face your problems with the help of those that know how to manage money to get you on the right road. With a debt management plan, you will be given your own personal advisor who will deal with any creditors if they feel it’s necessary. They will discuss the best way for you to start paying back what you owe in manageable chunks so you know where you are with your money matters.

With Christmas looming, many people are thinking about spending first and paying back later. But this can be detrimental in the long run and can mean more financial difficulty down the line. If you can’t see light at the end of the tunnel in terms of spending and saving then there are people that can help. Don’t delay in seeking support to help you get on track for the New Year.

Reports have been rife concerning bank charges; for some time the UK’s banks have taken large quantities of money from account holders who have spent over their overdraft and the Supreme Court was expected to rule that some of this money needs to be paid back.

This would have been excellent news for those seeking advice from debt management agencies, such as the debt support company as they could potentially have claimed back the money that had been taken from their accounts. Unfortunately, with the outcome not as expected, those in debt will have to find alternative ways to manage their debt.

One section of the population most at risk from these bank charges are students; many young people have had no prior money management experience before they move to university and juggling rent, utility bills, food shopping and nights out can cause them to fall into debt.

This can sometimes be out of the individuals control, when a student applies for their student loan there is little guarantee that it will appear in their bank account before they move to university. Unfortunately, some student accommodation expects the student to pay out for their first terms rent, before they are allowed to move in. With many parents unable to cover the costs, it often falls to the student leaving them open for large bank charges.

The Debt Support Company offer comprehensive advice to anyone that is in debt, from students to pensioners. Initial advice is completely free and from there a member of their team will find the most feasible way that the individual can get themselves out of debt. In most cases they will decide on an affordable monthly cost that reflects income and expenditure to ensure that debt can be paid off in the most stress-free manner.

If you would like more information about how you could get out of debt give a member of their team a call on 0800 043 39 39.

Get Your Debt Sorted Without Paying Upfront

There are many ways people can find out about companies that offer support for debt problems; online, recommendations, and of course sales calls. But if you are in financial difficulty then you may be wary of those companies that want upfront payments before anything has been put into place.

If your finances are spiralling out of control then The Debt Support Company can help you by devising a strategy to help you get a grip of your debts. With qualified professionals to listen to your current situation, they are confident in their approach to finding the best solution with their personal debt management plans.

The Debt Support Company requires no upfront payments unlike many others. They want to discuss your situation with you to find a solution, rather than harbouring money and creating more stress for you and your family. All of their trained professionals devise a plan that is unique to each client based upon what they currently owe and their incomings/outgoings.

Because The Debt Support Company is confident in the debt management plan they provide they don’t feel the need to take any credit or debit card details off you before they have reviewed your situation. Their main focus is to support their clients with no catch and no upfront payments.

There is help out there for everyone, and with unique plans suited to you whatever your situation, you can rely on The Debt Support Company to get you honest help that will make a difference. Whether you are young old, working or not, they want to give you the opportunities that you may never thought possible. To do this they have an approach that isn’t based on their gain but what they can do for each individual.

So, don’t get caught out again by sales calls. The Debt Support Company has solutions to get your life back on track.

Many of us have had financial difficulty at some point in our lives but there are those that seem unable to find a solution to getting out of it.
The problem with debt is that is can strike at any age and time of someone’s life and as many people are finding themselves in difficulty in their 20’s as they are in their 40’s.

Many younger people are feeling the pressure of financial difficulty because of the building debt caused by further education. The loans and overdrafts they are entitled to, mean many fall in the trap of spending over their limit and of course, with rent and bills to pay, many haven’t the experience to budget.

Of course in this tough current economy many graduates are leaving university, finding a job and then, of course, repayments start. With so many different companies asking for repayments it can become confusing. This is why it is vital to get the help from those that can organise repayments of a manageable amount with debt managment plans, reducing the stress for you and your family.

Debt Management plans from specialist companies can help people of all ages that are struggling to cope with amounting debt. With a programme designed purely for the individual, everything is taken care by a personal advisor who doesn’t judge or patronise your situation.

Homeowners, parents and those struggling for work within the recession are just some examples of people needing somewhere to turn to for help. Fortunately such debt advisors welcome those that are finding their finances are spiralling out of control and have plans to suit all needs and problems.

An advisor will take on speaking to creditors and take the stress away of receiving those distressing letters and phone calls demanding repayments. It’s vital to understand that there is help out there, and it’s closer than you think.

The High Court considered the case of an individual, who was seeking to have his £17,034 personal loan from RBS declared unenforceable. It is now estimated that this ruling may affect over 100,000 consumers trying to get their credit card and loan debts written off. They will have to pay the full amounts they owe after this landmark court ruling in October 2009. The High Court decision could mean defeat for tens of thousands of similar county court cases, which have been put on hold until the test case involving Royal Bank of Scotland (RBS) was resolved. This should be a major blow for claims management companies heavily advertising that they can get debts written off and that millions of credit agreements were unenforceable.

We all worry about how our finances affect our loved ones especially if we are in debts that are amounting into uncontrollable volumes.

To ensure both you and your family remain stress free then there are companies that can help. Professionals can devise debt management schemes to maintain your money so that you know where you stand with your finances.

Debt Management programmes are a sure fire way to get control of your spiralling debts. Devised by specialists, they can gather all of the current debt you owe to devise a strategy that is unique to you and your needs. With this mind, you can learn to budget for you and your family.

Of course a lot of debt is focused on helping those fresh out of university with over drafts, student debt and credit cards and of course this service also applies to them. However, it seems that more pressure is put on those people that have a family and home life, especially if they are breadwinners and their wages are detrimental to keeping a family afloat.

Luckily there are people that can help so you don’t have to manage on your own. To find out about such specialists, look online and their will be information to help you know where to start.

The economic downturn has a detrimental effect on everyone and those with families need extra support. By choosing such specialists you can rest assured you will deal with one person who won’t judge your situation. After seeing so many people in the same need as you, they are happy knowing they can help and to reassure you it’s not the end of the road.

Look out for those who can help today, and you can get back more important matters, like your family.

In the current economic climate many people are finding that living a debt free life is becoming increasingly difficult.

With further education becoming a popular choice to getting work placements, many people are developing uncontrollable debt amounts as early as their mid 20’s!

Once debt has increased to an unmanageable amount, people are finding small tasks such as eating, running a car and socialising becoming more and more difficult without adding to their debt problem.

The Debt Support Company can help manage your debts and provide a service that ensures you live your life to the full without worrying about overspending. By providing you with one of their trained advisors, you can discuss your personalised debt management programme and devise a plan that is best suited to you.

However, you are never left on you own. You will receive regular reviews of your finances and manage your debts to suit your income, this will ensure you get control over your debt not the other way round.

The stress debt causes puts strain on a person’s career, relationship and social life. However, it is important to approach your problems head on and not avoid it. The people at The Debt Support Company understand the stress that money troubles can cause and do all in there power to help you get on track to managing your money.

If you find yourself in debt that is spiralling out of control then get in touch with a company that can provide a solution with debt management schemes. Look at the range of services they have to offer as there are those that will deal with your creditors directly, attempt to reduce or freeze creditor interest rates and devise one, affordable monthly payment so you can get your life back on track.