Sharp rise in online debt counselling
The Consumer Credit Counselling Service (CCCS) has reported a sharp rise in the number of people counselled online for their debt problems.
In January, 8,591 people used CCCS Debt Remedy, the charity’s online tool, with the figure twice that for people counselled online during December, and higher than for any month during the whole of 2010.
With 65,825 people completing counselling through CCCS Debt Remedy last year, the Service is predicting a dramatic rise in 2011, as demands on household budgets increase.
At the same time, the charity is concerned that uncertainty about continued public funding for free debt advice may lead struggling debtors to seek help from fee-charging debt advice organisations, and reassures that it expects to be able to continue to provide free debt advice for whoever needs it.
Last month, The Office of Fair Trading reported that 35 fee-charging debt management firms had surrendered their consumer credit licences, and that at least 15 were facing licensing action.
The watchdog has recently reviewed the sector and issued warnings on compliance to 129 firms.
Category: Banking News, Borrowing & Lending News
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