Debt repayment has become much tougher than ever before due to low economic environment in UK. Here, professional guidelines can help to find an appropriate alternative repayment plan that suits to your budget. Seeking third party advice is good idea but one must be careful about the selection of service Provider Company. Several consumers have filed complaints against the corrupted debt management companies and one should learn a lesson from the incidents of fraud Debt Management Company. Latest statistics show that lots of people are seeking help in debt management. Some fraud companies take advantage of the situation in making money. Such companies look legitimate company so before selecting any company for the service, it is important to investigate the company. Government is also making efforts to eradicate this corrupt action.
There are some important facts which can help to find a legitimate company. One who is seeking third party help to manage debts should go through these guidelines.
First, important thing about debt management plan Company is that the company must have a consumer credit license issued under the consumer credit act of 1974. Office of fait trading (OFT) is authorized for the issue of this license which is a federal body this means the company having consumer credit license is in record of federal files and can be traced easily if anything wrong happens.
Second important thing regarding selection of service provider is that you should not be under any pressure from company side to necessarily take the offer when you are dealing with licensed debt Management Company. Client must have full freedom to enquiry the things and to understand the process. You must find out that how the repayment process is going to benefit you.
Another important aspect of the service is transparency. All associated information, terms and conditions should be in writing if you are dealing with financial problems. Any legitimate company will show full transparency as one of the good business practice.
Client who wants to use the service must have 14 days allowance to think over whether to accept or refuse the offer. This period is federally mandated as part of exchange policy and cancellation return. Every customer who want service from business sources have right over it.
Last important thing over debt Management Company is that a company must have competent complaints policy. You must find information from the company about to make grievances. Ask who is responsible to reply if something wrong happens. If all above mentioned things are placed in right order then select the company.
Robin Smith is a specialist debt advisor of UK. He has spent more than 5 years of advising experience on debt consolidation and debt consolidation loans related debt problems and solutions.