Debt advisers charge for freebie advice

| September 22, 2009 | 0 Comments

Unscrupulous financial advisers are charging people in debt for advice they could get hold of for free, an industry insider has claimed.

Jessica Brown, of, said research by the website found nearly 48% of people in debt have paid for debt advice.

“People in serious debt are a vulnerable group and it is vital they get the right advice when they need it,” she said.

Brown called on the government to set up a code of practice for debt advisers.

“We completely support any steps by the government to provide better protection for indebted consumers, with our recommendation being the implementation of an industry code of practice,” she said.

Brown made the comments in response to a government consultation paper on Debt Management Schemes that will enable debtors to pay off the money they owe at a pace they can afford.

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