Last updated: 23/07/2020 | Estimated Reading Time: 2 minutes
What to do if you are cold called by a debt management plan supplier
The Financial Conduct Authority has set out strict rules that dictate exactly how debt management companies must conduct themselves. Abiding by these regulations is a legal requirement to their authorisation. One thing specified by these rules is the way in which a debt management firm can contact you. In the event that a debt management firm breaches these rules and contacts you outside of the permitted routes, you can lodge a complaint against them.
This guide will outline everything that you need to know about what you should do if you are subject to cold calls from a debt management supplier.
In This Guide:
The FCA (Financial Conduct Authority) have laid out very clear rules that make explicit what a debt management firm can do to contact customers - existing or potential. These regulations state that a debt management firm is not permitted to cold call you by arriving at your home without previously given permission. Debt management firms are also not allowed to gain access to your contact details from an external party without gaining your consent first. They are also not permitted to call you without prior authorisation, this also prevents them from contacting you via text message or over the internet without consent.
What to do if you've been cold called
If you have been subject to cold calling by a debt management firm in a way that breaches the aforementioned regulations, you should lodge a complaint against the company. You should do this if you were contacted by a debt management firm without your consent. You have the choice of either complaining directly to the company that made the cold call or you can go directly to the Financial Services Ombudsman who will oversee your complaint.
In the event that you are cold called by a representative of your debt management company, you should not allow them into your home and get in touch with the company that they claim to be from. Once you have done this you should decide whether or not you want to make a complaint against them or the company that they work for. It is almost unheard of for a debt management company to make a visit to your home without first notifying you.