Have there been cases brought against debt management companies for false advertising?

Kerrigan

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At the beginning of the economic collapse my partner worked for a debt management company (no longer has any affiliation).

New legislation was brought in and some of these companies headed for the boarder whist others returned to the UK and no longer do business here.

My question is why where non of these companies brought to task over their misleading information i.e. 70%, or what ever the percentage was, would be written off your debts if you signed up etc.

I am aware of cases were debtors had debt significantly increased whilst under the wing of these companies.

Has anybody successfully brought a case against these companies.

I would also like to add that it is rare if at all you see this type of advertising today but it did go on not so long ago.
 
Kerrigan ,

No doubt some cowboys got onto the debt management bandwagon.

I would expect none of those boyos are worth sueing, they are now well gone .
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Debt management Co,s are well regulated in UK .
When our Central Bank decided this business needed sorting, they succeeded in forcing even the good companies to move North because good companies found the strictures/paperwork they placed on them in ROI, way ahead of Uk legislation.
Because of European legislation these companies can operate in ROI ,from a UK base and can operate under UK.s less onerous rules..
Had Central Bank applied similar rules as apply in UK would these good companies have moved.?
I have the notion that again our Central Bank became too careful, too late ! , so now there might not be enough good companies trading in Ire.
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People can get large %,s off their debt if done properly.
My concern is that Banks are pursing people too hard in some cases and these people will only have a drag on them for years. A good debt co can negotiate a sensible closure.
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You are also correct, some of the promises were outrageous and to have people ending up in a worse place is unforgivable..
 
Thanks Gerry for your quick response.

I was thinking about this for the past couple of days. after reading a thread about a poster who was engaged in a debt management plan with a DM company; I honestly thought that these plans were somewhat a thing of the past.

I am aware of one particular DM company who had business dealings in the ROI. There was no big 70% write off for some of their previous clients that I am aware of (the ones I know anyway).

Surely considering they are still active in the UK they can still be brought to task?

Or how about another DM co. who wrote to their customer base informing them they were no longer operating in the ROI and would be passing their details onto a DM outfit up north. However, in their defense they did contact their customers advising them that if they wanted no dealings with the company up north they would not pass on their details.

What I did find unforgivable was the DM up north charged the new client (which was the old client base of the DM that jumped ship) base a start up fee!!! These customers had already given a startup fee to the original company - why was there a need for them to repay a second start up fee when all the new DM had to do was continue on with the payment plans that were already in place.

I think a lot of these cowboys got away scot-fee; leaving behind untold difficulties for their customers.
 
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Probably could be brought to task , but suing twix jurisdictions sounds hassleish.
A lot of these co,s set up before insolvency etc was set up and before Mr Banker really realised he wasn,t going to get our(note our) money back ! and Mr Banker expected every penny.

Of course the N Ire charged a set-up fee, the boyo down south probably charged N ire co to buy the book!

I know it is all wrong but c,est la vie !!
 
What peeved me Gerry, as I mentioned in other threads; we've being exhausting a PIA with a friend (ows money to the tax man) we've got to speak with a lot of people going through similar. Funnily enough the vast majority had been paying DM co's to keep the wolf from the door and where flabbergasted at how much more it would cost them on repayments each month if they were to file a PIA; know wonder people are in no rush to declare insolvency.

Sorry rant over and back on topic! You seem very knowledgeable on this topic. I find what has went on almost criminal and if any bank promised the sun, moon and stars like these crowd have they would be hauled before come committee.
 
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