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Office Of Fair Trading Warns On Unsolicited Debt Advice

In a move which has come too late for many in the UK, the Office of Fair Trading (OFT) has warned consumers to be wary of debt advice agencies who are cold calling thousands across the country. Under the guise of helping to reduce financial worries, many people have been coerced into signing up for IVA and bankruptcy arrangements, the consequences of which are not always clearly explained.

Many of these companies fail to mention that the will earn commission from a variety of sources for arranging IVAs, bankruptcies and even debt consolidations, in direct contravention of the law. It has long been a mystery as to how these cold callers are able to pick and choose their targets with such skill, but when you consider that IVA and court proceedings often appear in the public press by law, there are plenty of rich pickings for those in the industry.

In simple terms you should never take advice from someone who has cold called you because they have no idea of your personal circumstances and they could catch you at an opportune moment. While it is vital that advice is sought where required, there are many free advice agencies across the UK who will be more than happy to point you to reputable firms and advisers.

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