Debt management companies – advertising rules
Any fee-charging debt management company in the UK promoting their services as free is breaking strict advertising rules introduced on 1st September 2010.
In the past, some organisations were guilty of misleading the public, claiming to offer "free" help and advice in their advertising, even though a typical plan from a fee-charging debt management company could cost around £5,000.
Debt management companies must also comply with rules and guidelines set by the Financial Conduct Authority.
The advertising code states that:
- Debt management companies are not allowed to advertise a product or service as "free", "without charge" or similar if the consumer has to pay anything other than unavoidable charges, such as response and delivery costs.
- Financial products must be presented in a way that can be easily understood by the audience, rather than take advantage of consumers’ inexperience.
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