What can I do if I get bad debt advice?
By Mr Bankruptcy
3rd September 2024
Facing unmanageable debt is a stressful situation to be in. Fortunately, there’s a whole host of support and advice to help you find a way through it, as well as a number of different path options you can take.
But it’s also true that not everyone’s circumstances will be the same, and it’s not always obvious to tell which advice is appropriate or which path might not work for you. If you receive advice you think is sub-optimal or ill-informed, what can you do about it?
No shortage of free advice
I’ve already blogged about the many sources of help available in the UK if you have a debt problem, which is a good thing. Feeling that you’re on the own and there’s no way out can only compound anxiety if you’re facing mounting debt that’s becoming unmanageable.
Sharing your debt concerns with a business partner, or family who rely on you, can be a great weight off your mind; I’ve written elsewhere about the dangers of debt to mental health concerns.
However, when it comes to seeking financial advice about management, you need to be more selective. People may be well-meaning but uninformed about debt or have unintended biases about what to do about it.
And if you do accept well-meaning advice from a family member, business partner or mate down the pub and it doesn’t work out, there’s not much you can do about it but try and find better advice.
Trusted, professional advice
Charities and Government bodies such as the Moneyhelper Service, the National Debtline or Citizens Advice are well known and qualified to give advice.
These are free but there’s also plenty of professional debt services if your circumstances require specific, technical financial services.
Either way, you should ensure that whoever you choose is qualified in the UK to give debt advice.
At James Rosa Associates, we are authorised and regulated by the Financial Conduct Authority to work with clients to produce solutions tailored to their specific circumstances.
You should look for independent advice where possible to be sure that it’s in your own best interest and not an off-the-shelf package of help that the advisor wants to sell.
I’d be suspicious if an advisor doesn’t sit down with you and take time to build a detailed picture of your financial situation and life circumstances before offering a solution.
Making a complaint
If you use a registered debt company and you think that you’ve received poor advice, there is someone you can complain to: the Financial Ombudsman Service (FOS).
The FOS has the authority and powers to sort out complaints between customers and financial services providers, including debt management companies. Before you contact them, though, you should have approached the company first with a complaint. But if it fails to deal with it to your satisfaction, you can call on the FOS to step in.
The Ombudsman’s service is based at Exchange Tower, London, E14 9SR. To initiate a complaint, they can be contacted on 0300 123 9 123, or 0800 023 4567 (8am to 8pm from Monday to Friday, and 9am to 1pm on Saturdays). The FOS can also be contacted via email on complaint.info@financial-ombudsman.org.uk.
How James Rosa Associates deals with a complaint
James Rosa associates is a specialist firm of debt advisors, and we pride ourselves on putting our clients’ needs first, with a supportive, non-judgemental and friendly approach as well as providing deep and specialist expertise.
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Our experts go to great lengths to find out all about our clients’ circumstances to offer the most accurate advice and most appropriate solutions for them, rather than just selling our own services.
However , no-one’s perfect, and our attitude towards a complaint from a client is that it’s an opportunity to improve how we do things.
We deal with all complaints diligently and impartially. A complaint can be made in writing to our company address or orally by telephone. We then invite you to discuss your concerns with a member of our staff which usually results in them being quickly resolved to everyone’s satisfaction.
However, if we can’t resolve the issue within three days to the client’s satisfaction we refer it to our Managing Director who personally handles the case. The MD acknowledges receipt by letter and will keep the complainant informed through the process until a final response is sent to you within eight weeks.
Where appropriate, we offer redress or remedial action but we also enclose a FOS leaflet with our final response so that if you still aren’t satisfied then you can contact the service directly.
Our clients range from individuals to business owners/directors who face unmanageable debt or are involved in a civil or commercial dispute requiring mediation, offering the following services:
Do you qualify for a free consultation?
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, then visit James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for our free consultation service.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.