OFT to close down firms behind bogus debt adverts
The Office of Fair Trading and the Ministry of Justice have launched an official crackdown on the recent "rash" of bogus television adverts from claims management firms featuring misleading statements.Companies that have made questionable claims about consumers being able to write off their credit card debts could face closure, the Ministry of Justice has stated.
Debt charity, Citizens Advice, has supported the decision, saying that whilst many claims management firms suggest that the majority of loan agreements are "unenforceable", most credit agreements do in fact meet legal requirements and cannot be easily challenged.
Misleading statements in some of the claims adverts include: "80% of credit agreements are unenforceable", "we’ll get your credit cards written off within six weeks" and "we have a 100% success rate."
The OFT has warned that any debt advisory firms - licensed by the OFT - broadcasting misleading adverts face closure and could be fined up to £50,000.
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