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 1 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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