debtconsolidation.co.uk: Finding debt management you can trust

The Government has warned consumers seeking debt advice to be on their guard. It seems that certain debt management companies are using names and websites that suggest they give free, impartial debt advice; in reality, they might be a fee-charging debt management service. The Office of Fair Trading (OFT) is investigating the issue, with sites that claim to be 'free', a 'helpline' or 'independent' cited as the most misleading.

However, adverts for debt management companies often contain fanciful and potentially deceptive statements. Here, DebtConsolidation.co.uk explains the reality behind some of the flowery phrases consumers are bombarded with.

For example, some companies claim to be OFT approved. This means they are following OFT-approved guidelines, but it does not mean the individual company is approved. Meanwhile, 'independent' advice translates as 'we are an independent company'. This usually results in advice relating only to products offered by that company.

'Debt Freedom' does not mean freedom from debts. Admittedly, a payment plan can be drawn up within 24 hours, but you will go on repaying for years to come. Meanwhile, a 'secured' loan implies the loan is safe for the consumer. However, the loan is in fact secured for the lender; therefore, if you fail to meet your repayments, they can begin repossession proceedings. A secured loan does, however, often result in lower interest.

Most importantly, reduced payments do not mean reduced debts. In fact, repaying the same amount in smaller chunks means your debt will last longer and cost even more.

DebtConsolidation.co.uk prides itself on providing straightforward, jargon-free debt management advice. Freephone 0800 048 3674 or visit the website today, and benefit from expert advice on IVA eligibility, debt management and debt loans, including unsecured debt consolidation loan.

Website: http://www.debtconsolidation.co.uk/