Claims can be referred to the Financial Ombudsman if cases cannot be resolved amicably between client and creditor. This has resulted in 63% of all cases through FO being awarded in favour of the client. A successful claim usually consists of all payment protection insurance payments being refunded plus interest either direct to the client and/or partially being deducted from the relevant existing account.

DebtFC understands how frustrating it can be to repeatedly spend a large chunk of your time and money on the phone to creditors and feeling like you’re getting nowhere. We are experienced in dealing with PPI claims with numerous creditors whether it’s a loan (secured or unsecured), credit card or a mortgage. DebtFC can take the pressure off by handling all the phone calls, letters and negotiations. We also operate on a no win, no fee basis and there are NO upfront fees.

Call DebtFC now on 0800 007 5307 or email info@debtfc.co.uk for free advice how to obtain a refund.

Companies are reporting that many of the self employed are not in a position to enter into a Debt Management Plan (DMP) and repay their debts as over half of callers had a negative surplus (the difference left over when deducting household expenditure from your income) and therefore no money to start repaying their debts.

DebtFC says that many of the self employed people contacting them are from the service industries such as hairdressing, building trade and taxi driving. Providing services that people are likely to cut back on when tightening their belts, this category of self employed are particularly vulnerable in an economic downturn resulting in many being unable to repay their debts.

While many self employed are struggling with debt, ironically some people are finding self employment to be the solution to their personal debt problems. One woman who had contacted the DebtFC for help and advice with her debt problems because she had lost her job started a small cleaning company which allowed her to earn enough money to enter into a Debt Management Plan and start repaying her debts again.

The credit crunch has resulted in a lot of people carrying out work that they would have previously paid other people to do. This has left many self employed people without work and unable to maintain their debt commitments.

Entering into a Debt Management Plan or Scottish Protected Trust Deed when you are self employed can often be complicated, depending if you are a sole trader or have a limited company or a partnership. It is important that anyone who is self employed and who is struggling financially should contact DebtFC on 0800 007 5307 or email info @debtfc.co.uk for free debt advice and help as soon as they realise they have a problem.

The requirements oblige Mr Yusuf, who uses trading names such as Advance Money Management and Loans 4 U, to:

- refund brokerage fees to consumers where no loan has been provided

- comply with the OFT’s Debt Management guidance

- implement adequate complaints handling procedures

The OFT can impose requirements on a credit licensee when it has concerns over a licensee’s business practices or compliance with specific consumer protection legislation.

Failure to comply with requirements can lead to further action by the OFT and the imposition of financial penalties of up to £50,000 per breach.

Nigel Cates, Deputy Director of the OFT’s Consumer Credit Group, said:

“It is important that all companies, especially those dealing with consumers facing financial difficulty, comply fully with the standards expected of them. The OFT will use its powers to ensure that consumers receive a proper standard of customer care and do not suffer detriment as a result of the behaviour of licensed businesses.”

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