Debt advice that may leave you owing even more money
Lenders expect unpaid credit card debts to rise this autumn. Impartial advice is available free of charge from debt charities.
Intelligence analysis by Qwen 2.5 (3B)
Lenders expect unpaid credit card debts to rise this autumn. Impartial advice is available free of charge from debt charities.
If you have money troubles, some people might try to help you with debt. But they might try to trick you or make you pay money. It's important to find help from people who won't trick you and won't make you pay extra money. You can find help on a website that helps people with money troubles. You can also check if the people trying to help you are real and if they have the right to help you.
Analysis
Warning Signs of Unscrupulous Firms
Some unregulated firms collect people's details through cold calling or online adverts, sometimes impersonating debt advice charities or debt collectors, and pass this information on to firms offering debt solutions that you pay for. They may also use pressure tactics, such as repeated contact, often in messages and on the phone, to push people to agree to a debt solution. Some people have been encouraged to change financial details on lenders' paperwork, or are 'coached' in ways to respond. They may also steer people towards fee-charging debt solutions without offering alternative options first.
How to Find Help
If you find yourself with money troubles, it can be tempting to seize any opportunity to get things back on track. However, there are some traps to avoid. Suggestions on the best way to find help include: finding a provider on the government-backed Moneyhelper website, checking whether a firm offering debt help is authorised by the regulator, the Financial Conduct Authority (FCA), and cross-checking the authorisation details they give with the FCA's register. Anyone unhappy with the service from an authorised firm can complain and, if you are still not happy, go to the independent Financial Ombudsman Service.
Key points
- Lenders expect unpaid credit card debts to rise this autumn
- Impartial advice is available free of charge from debt charities
- Warning signs of unscrupulous firms include pressure tactics and unrealistic claims
If people find the right help, they might be able to pay off their debts without paying extra money.
If people don't find the right help, they might end up owing even more money.
