A Sky News investigation has found that debt management companies are failing consumers who are looking for a way out of debt. Settle-My-Debt welcome future regulation in the financial services sector so that vulnerable people are protected.
The investigation uncovered information which identified that many debt management companies were levying charges, interest payments and monthly fees on top of their client’s original debt. Settle-My-Debt do not charge any monthly fees, in fact, they only get paid once the debt is paid off. Debt settlement plans from Settle-My-Debt offer the quickest and cheapest way of paying off debt for the client. The average client will pay back around 65% of their debt. They will also be debt-free within an average time of 36 months.
The consumer group Citizens Advice has called for the Financial Conduct Authority to force debt management firms to ring-fence customer cash, sooner than was originally planned for some time in 2016. However Settle-My-Debt has ring-fenced their client’s money since 2010. So welcome both the Citizens Advice and the FCA’s call to action on ‘sharp business’ conduct within the financial services sector.
Furthermore, Settle-My-Debt do not believe in cold calling or sending spam text messages as many debt management firms do. The public will only ever receive a call from the company if they have asked to be contacted. And unlike many competitors, Settle-My-Debt do not sell on data.
Settle-My-Debt was founded because the Debt Management process works completely against the aims and objectives of its clients. Debt management companies want clients to be in debt for as long as possible, yet clients want to become debt free as quickly and as cheaply as possible – therefore the smart choice is to seek a better solution. Once a client realises that debt management companies are actually working against them, they will want to find a way out of debt that allows them to become debt free in the shortest time, for the least amount of money.
Settle-My-Debt also do not front load fees. And after 12 months the client is offered a full money back guarantee, which continues for the length of the plan. They also promise, that if they don’t save the client money on their debts, there is no fee. Lastly, they only get paid when they make a settlement on the client’s debt that saves them money.
The client is able to become debt-free – and rebuild their credit rating.