A leading IVA provider has received thanks from the OFT for exposing three companies, that are now under investigation for ripping off consumers. The three organisations have been making false claims that they can buy off credit card debt and loan commitments, thereby relieving the consumer of any legal obligation to repay their creditors.

Many of the consumers that are conned into the scam are already in serious financial difficulty, and the additional charges being levied by these companies will only add to their debt problems. It is almost unthinkable that people in such a vulnerable position could be the targets of these conmen, however in this day and age it is perhaps not all that surprising.

The Office of Fair Trading is warning people that the sale of a debt, without the permission of the lender, is not allowed in the law, and anyone that claims otherwise is intentionally misleading consumers. Anybody that falls for this scam will still be liable for their original repayments, under the terms of the original credit agreement. Furthermore, any money that they have paid to these companies will more than likely never be seen again.

Reputable debt advice specialists will point consumers, which have money worries, in the direction of legitimate debt solutions such as a Debt Management Plan, or an IVA. It may take time to clear all of the debts; however it could be the answer in the present, and provide light at the end of the tunnel as well as a realistic way to become debt free. There are many debt relief options available, so it is important that a professional adviser is consulted before any decisions are made. For IVA advice it is recommended that you consult a licensed Insolvency Practitioner.