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Debt management companies 'often make your problems worse'

Citizens Advice Scotland has welcomed a report by the Financial Conduct Authority that exposes the poor advice given by many fee-charging debt managers. 

Citizens Advice Scotland's Policy Manager Keith Dryburgh says,

“Once again it has been shown that the best and most trustworthy debt advice available comes from free-to-access non-profit organisations such as Citizens Advice Bureaux. 

"You would think that when people pay for debt advice from fee-charging companies that they would be entitled to the gold standard in advice but today's report by the FCA shows that 60% of fee-charging firms pose a ‘high-risk’ to their customers.

"This is mirrored by our own evidence. Many Scots have come to the CAB because the advice they got from debt managers landed them in even bigger financial trouble than they were to start with. 

"The message here is that nobody has to pay a penny for expert debt advice. Your local CAB will give you the best possible help, for free and with no judgements made.”


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