Ever been in a restaurant and when you’re food arrives you’re just not quite sure whether to eat it? Do you take a bite and trust the restaurateur, or look expectedly at your dining companion for reassurance you’re not going to be up half the night with stomach cramps?

Well I had a similar experience yesterday – not with a dodgy meal….but with a very dodgy email!

Whilst sat at my computer late last night, an email containing “unsolicited marketing material” arrived in my inbox. After reading through its’ content, I sat back, amazed at the audacity of it all. I followed link to the website of the sender which was branded with the re-assuring logos of the OFT and MOJ and so despite my initial worries, I had to admit, after consideration, it did look very official. Still, something didn’t quite add up and that niggling feeling just wouldn’t go away.

Can consumers really sell their debt to a third party for a quid? I didn’t think so?

It was then that I got a call from a friend in another company who had not only received the same email but also shared my scepticism of the very dubious business offering they were putting forward to the intermediary market.

A few phone calls later, it was clear that many of my colleagues and peers were also surprised by the email content and felt concerns over the offer they had received from this particular company and the endorsements they claimed to have from respected authorities.

It seems, my gut instinct can take credit for more than last night’s Spaghetti Bolognese!  First thing this morning, a colleague of mine confirmed that the OFT and MOJ are now looking in to these emails (I say “these emails” as naming names wouldn’t be appropriate at this time). But I’m waiting with baited breath to see exactly what they make of it, and whether it truly stands up as authentic.

Will the OFT flex their muscles, or will the MOJ use the long arm of the law? Watch this space for more updates…..

It’s always disheartening when others bring our industry into disrepute and threaten to destroy the trust we have built up over the years with partners such as intermediaries like yourselves. But on the flip side, it’s also good to see that industry bodies are quick to act and protect you from falling victim to unscrupulous suppliers.

It certainly goes to show that the financial services sector, particularly in a credit crisis, really does bring out the worst out in some people and the best in others.

The lesson of the story….?

Choose who you do business with………..carefully!

I don’t know if you agree but there’s something uniquely special about the lazy Bank Holiday Sunday.  The day moves slowly, and as the wife takes the kids out shopping, I sit back and relax on the sofa, indulging in my beloved and rarely read sports section of the week’s newspapers.

It’s not long before I’m in a hazy state of bliss and then horribly disturbed by the ringing of our phone.  Irritated to be the only one in, I know I have no choice but to answer the phone and move from the warm and comfy envelope of the sofa, to make the “pick up”

In my sleepy Sunday tone, I answer “hello”?

A voice barks at me, “Are you having trouble paying your debts?”, “No” I reply .  “Because we are here to help, we can offer free advice…..” “Sorry to interrupt” I say, “but I don’t need……” “there are a number of solutions that can ….”

As my daughter would say…OMGGGGG!!!!!

It seems I’m not the only one who is more often than not, picking up the phone to sales calls for debt relief, I, thank goodness, don’t need, or have requested.

And, if you’re one of many who do need debt relief in this cursed crunch, these callers seem to strike whilst the iron’s hot, dazzle you with their well rehearsed script and fail to inform you of any costs involved before they sign you up!

Well, it seems this particular itch of mine is about to scratched.

The OFT (Office of Fair Trading) has been hard at work and cracked the whip down on 6 or so of these cold calling companies. From what I’ve been reading, their tactics have been incredibly underhand and I’m sure a big applause of hip hip hoorays were heard around the country as people who’ve been targeted by such companies, celebrated this clamp down. Some of the most notorious habits of these companies included failing to inform clients that there is in fact a charge for the advice or the solution provided – it’s not free!  Really, it isn’t! Even worse, some companies were creating the impression that they were actually not for profit organisations or that the call was some form of exciting benefit as they had been “contacted as part of a government scheme”.

There are many words which come to mind to describe the minds behind such ventures, but “justice” is the one now most prominent in my head as I welcome, with thousands of others around the country, the news that the OFT are coming down hard on such activity.

Is it any wonder that people have such little faith in the financial services industry at the moment?!

It’s actually times like this that, as a member of this industry I take pride in the people and organisations I work with, knowing that respect, honesty and manners goes a long way.  How we act as a company, says a lot about who we are personally and professionally; and at these junctures in life, we can clearly define the good, the bad and the ugly in the debt solution sector.  And, just for your information, the good it is worth noting, work to specific guidelines of the Insolvency Practitioners Association with strict codes of conduct; and organisations such as the Debt Resolution Forum are also now key authorities working to protect and guide the conscience of those within our sector to ensure a clear distance from those who would sell their morals for a quick buck.

For those of you who are intermediaries looking for partners to help your clients, make sure you look deep into the way your “partners” work and check that you’re happy with their code of conduct and that your client receives the treatment, advice and level of service that you would give them yourself.

If you want to reduce the amount of sales calls you get, obviously be aware where you register you phone numbers but you can also contact the TPS (http://www.tpsonline.org.uk/tps/ ). They offer a free service regulated by the ICO and allows you to opt out of receiving sales calls.

It’s finally time to fight back, stand up and be heard!  Now where did I put my sports section?

It’s becoming more and more apparent that credit card companies are not playing by the rules of the game, or more importantly by the law or the land.

News articles have been springing up online and in the broadsheets (http://www.guardian.co.uk/money/2009/mar/29/credit-cards-consumer-affairs) with stories of consumers like you and me, who are not getting refunds from their credit card companies, when goods purchased, don’t arrive because the retailer has gone bust.

The credit card law, introduced in the 1970s, states in clause 75, that credit card companies must take responsibility for refunding customers in these cases when either the full purchase or deposit was made on credit card.  Maybe not in those exact words…but pretty much   Admittedly, the goods purchased have to be within £100 and £30,000, but that should cover you in the majority of cases.

The credit card cover debate originally hit headlines last summer with the collapse of several key airlines including XL Airlines and AlItalia which resulted in thousands of consumers left without holidays or refunds.  In a panic reaction, all holidaymakers began booking with credit cards only.  As the recession rolled out to hit more and more industries, credit card purchases quickly became the norm and a re-assuring safe haven for many a shopper.

Despite this, with roughly 120 UK businesses going to the wall everyday, it’s no surprise that the number of consumers claiming on their credit cards are getting no where quickly.  It seems credit card companies are fobbing off consumers with many a reason for not coming up with the goods and paying back what is rightly owed.  According to the Ombudsman, complaints are soaring as consumers become more and more annoyed by the stream of letters they receive, full of legal jargon and get out clauses..but alas…no matter how much they shake the envelope up and down, no cheques for refunds are included.

How can the credit card companies think they can get away with this? I’m guessing that they bank on us not knowing our rights!

 So…without delay, please, I urge you, check out the credit card laws now and arm yourself with the facts; the correct ones.  Whatever you do, don’t accept the “great fob off”!

( http://www.oft.gov.uk/advice_and_resources/resource_base/legal/cca/ )

Believe it or not, it’s true…or so the whispers would have us believe.

After all the bad press the banks have been receiving, it seems shockingly refreshing to hear that RBS and First Active are now being regarded as two key lenders persevering to lead the way to better prospects and opportunities.

Within the close net community of intermediary fraternities, it seems one good turn deserves another. Their efforts to increase their lending has in turn, led brokers to start the Chinese whispers and recommend them on to each other. Despite money not changing hands quite yet, this is still something we can be pleased about and hopefully indicates a slight change in climate.

Could this be the beginning of a welcomed change? I ask you to share similar feedback of other positive lenders we can let each other know about.

Let’s shout about something good for a change.