Have You Been Mis-Sold A Debt Management Plan
The FCA (Financial Conduct Authority) have a very strict set of rules and regulations that every provider of a debt management plan must abide by. There are strict rules that dictate how any supplier may advertise their management plan. This means that if they fail to meet these standards, you can lodge a formal complaint against them and even try to recoup any fees that you may have paid to them. To do this you must have proof that they were not transparent about what costs your plan would incur and you type of structure it would take
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The official regulations laid down by the Financial Conduct Authority state that debt management plan providers are not allowed to claim that they can guarantee that your lender will accept their debt management plan. They are also not allowed to guarantee that you will end up with no debt at the end of their plan. They cannot state that you will significantly lower your debt without letting you know that your lenders are in no way obliged to meet the terms that your debt management plan advertises.
If your debt management plan provider has done any of the above things, you may have been wrongly sold your plan and may be entitled to compensation from you current provider.
All advertising campaigns that any provider of debt management plans run, must be fair and not misleading. They must also display accurate information and not leave out any information that is considered to be vital. They must also be clear about the risks involved with entering into a debt management plan.
What happens if I've been mis-sold a debt management plan?
If you were sold a debt management plan that fails to keep within the regulations that have been laid out above, then you may be able to make a claim against your debt management provider.
If you realise this before you have actually signed onto the debt management plan in question, then you should locate a different company and file a complaint against the original firm.
If you are already on a debt management plan that you believe was mis-sold to you, then it would be a good idea to terminate your arrangement, complain to your provider and contact the Financial Ombudsman to lodge a formal complaint.