Jan/100
Debt collectors 1st Credit restrained by OFT
Debt collection firm 1st Credit Ltd has been made by the Office of Fair Trading to clean up its act. Following an investigation by the OFT it concluded that 1st Credit “failed to meet satisfactory standards”. The OFT laid down guidelines which 1st Credit must comply, these include to;
refrain from issuing statutory demands warning of bankruptcy where it is unlikely that proceedings will be initiated;
not discuss legal action with consumers unless it is likely that such action will be taken;
ensure that sensitive cases involving vulnerable individuals, for example those with mental health or medical problems, are dealt with appropriately;
ensure that all matters of concern raised with them by the free advice sector and other third parties are dealt with appropriately.
This is a positive step for those indivuduals who feel bullied by companies such as 1st credt, who often use Statutory demands to scare debtors into paying off debts which in the long run may place them in a worse financial position.
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