The OFT really do care and they are now showing to have very sharp teeth.

In what can only be described as a victory for the vulnerable, one of the largest debt collection agencies in the country “1st Credit” has lost 2 of its biggest clients through aggressive, unfair and bullying tactics. HBOS and Citibank are huge organisations and obviously dont want to be associated with unfair practices. Well done HBOS and Citi.

1st Credit was warned earlier this year about its scaremongering tactics and they have been threatened with the removal of their consumer credit licencse, 1st Credit have been made to report to the OFT every six months with information about the number of enforcement actions it has taken aggainst the most vulnerbale and overindebted consumers. 1st credit currently manage approximately £4 Billion of debt collection!

Trumpo has it on very good authority that the Amercian organisations such as MBNA and AMEX, dont appear to give a stuff about the OFT guidelines as to whats fair and reasonable. These credit card firms are known to transfer clients as soon as they miss one monthly payment to debt collection agencies such as RMA, a similar operator to 1st Credit, to chase these vulnerable people into financial submission by bombarding with as many as 10 calls a day, surely if somebody has lost their job and is unable to pay maybe 3/4 cards how on earth can 30 -40 telephone calls a day be fair – this is surely deemed as some sort of mental abuse, it’s bonkers !

Trumpo will be keeping a very close eye on whats going on in this sector, the OFT website is a great source of press information and they love to name and shame, so keep watching this space to find out who has been playing ball and who are the bad boys !

Your Trumpo.  

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