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Thu 10 Mar, 2011.
by Miss Moneypenny


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Rip Off Britain!

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A large part of BBC’s Rip Off Britain on Wednesday 16th February 2011 was dedicated to how Debt management companies can harm a consumers financial position!

Nicki Cook of Enjay Debt Management says “
“After watching this programme, as a Debt Management Account Manager, I wanted to throw myself out the window through guilt! Until I realised not only am I on the 1st floor and would probably just maim myself!” “I also realised that Debt Management does actually work, and really does help our clients!”
As with all industries there are rogue traders, who do not follow the “OFT guidelines!” who put in place something called Debt Management Guidance in September 2001.

When contacting a Debt Management Company always ask what their charges are as there are companies that will charge up to 3 months contractual payments before they start paying your creditors.
Once you have started to use a company’s service always check your statements to confirm your balances are reducing in line with the advice given.
Many companies just tell their clients to send the statements or letters in pre-paid envelopes for them to deal with. We find that a more personal touch works better with clients and resolving an issue within half an hour always confirms a company is working in the best interest of the client.

I don’t feel that "Rip Off Britain" highlighted the positive side of the private Debt Management companies. As with anything in life, if you pay for something you would normally expect a good service. I myself have been contacted by customers who have used the free services and found that although payments were agreed, interest rates and charges were not reduced, resulting in balances rising rather than coming down.

The free sector is funded. The Citizens Advice Bureau is totally free and funded by the government. The other free services such as CCCS, National Debtline & Payplan are all funded and we believe operate on a non-profit basis. You can find out who funds these free services, in some cases it is the creditor who the client actually owes the money to, bringing into question who are these companies working for?

There is a place for private Debt Management companies otherwise they would not exist, just as we have the NHS and Bupa people are given a choice of the type of service they would like to receive!

Nicki Cook is an account manager at Enjay Debt Management
Free Phone: 0800 6127958
Tel: 01708 854200
Fax: 01708 852152


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