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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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AM condemns debt advice sharks
May 20, 2008 12:00 AM
The Welsh Liberal Democrat Social Justice, Peter Black, has condemned the growth in internet and phone-based debt advice sharks who are contacting people in financial difficulties and then ripping them off.
Commenting on disturbing reports from debt charities the Bankruptcy Advisory Service (BAS) and the Consumer Credit Counselling Service (CCCS), Mr Black said:
"These people are preying upon the fears and anxieties of people when they are at their lowest ebb, and selling them another expensive loan to cover the debts they already have. Some of these companies are based off-shore, and charge interest rates of over 2000% for short-term loans. There are even cases where they have rung up people with individual voluntary arrangements (IVAs), persuading them to go bankrupt instead and then charging them three times the actual price."
"The best advice to people struggling with debt is not to go with someone who cold-calls you on the phone, or advertises over the internet that seem too good to be true. They probably are. Impartial advice is always available from organisations such as the Citizen's Advice Bureau, or charities set up to help people in debt such as the Bankruptcy Advisory Service, or Consumer Credit Counselling Service."
"Personal debt is a growing problem here in Wales, and we all need to be on our guard against unscrupulous individuals and firms who are looking to take full advantage of people's troubles."
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