OFT bans debt advice firms for misleading mailings

The firms claimed the recipients may have been mis-sold Individual Voluntary Arrangements (IVA) and suggested bankruptcy may be a better option for them, breaching the OFT's Debt Management Guidance. Bankruptcy Limited (BL), Intl Marketing Limited (IML), UK Bankruptcy Limited and UK Mortgage Link Limited all operated mainly out of the Dorset area and were often linked to misleading trading names such as 'The IVA Council', 'IVA Review Board' and 'IVA Watchdog'. Consumers accepting the advertised services would have had to pay additional fees to switch to a different debt solution which...