Owing money and missing repayments can be stressful, so the last thing many people in financial difficulty need is to be charged more money for help getting their debt under control.
Thats why Consumer Protection urges consumers to choose free debt management advice where possible over other high-cost options.
While debt management service companies may claim to be able to fix debt problems, these businesses charge fees and may not always be able to resolve the issues.
Some consumers have reported signing contracts and then discovering a caveat has been put on their home.
In a move designed to help protect consumers, all debt management firms will be required to hold a credit licence for the first time from 1 July 2021.
While this r…
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