Code of conduct call over debt management

Debt advice firms are often charging customers for their help when they should be giving it for free, it has been remarked.

Jessica Bown from debt advisory firm talkaboutdebt.co.uk stated that the firm’s own research has found that 48 per cent of those with debt management issues have had to pay for such help.

She said the portal is glad the government has decided to examine the industry’s practices, stating that this is something it will “completely support”.

Ms Bown said the “implementation of an industry code of practice” is the main proposal talkaboutdebt.co.uk is offering.

Those in debt may find that methods such as switching their credit cards to ones with lower rates are a good way of lowering the amount they owe.

The government review will look at debt management firms and assess what the best ways are of ensuring that those who are in difficulty can get out of it as soon as possible.

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