Nuisance Callers Offering High Risk Credit ‘Making Problems Worse for Indebted Brits’

July 14, 2016

Action should be taken to clamp down on the prevalence of unsolicited phone calls being made on behalf of providers of high risk credit in the UK.

That’s according to the charity group StepChange, which has published research suggesting that nuisance calls are often aimed at people who are already struggling with serious debt problems.

In millions of cases, unsolicited offers of high interest debt are both unwelcome and unhelpful, the charity has said.

As many as 29.5 million UK consumers are estimated to have received an unsolicited phone call from someone offering them a high risk financial product.

Often the products being offered are payday loans or a form of fee-charging debt solution, StepChange says.

Roughly 1.5 million Britons are believed to have taken on one or other of these high-risk financial offerings as a result of an unsolicited call they received.

For some people, calls from companies offering these kinds of services have become remarkably frequent with several million people around the country apparently in receipt of such calls on at least a daily basis.

“Unsolicited phone calls promoting high-risk financial products cause serious harm. Most people receive them and one in eight of us are bombarded with calls,” said Mike O’Connor, StepChange’s chief executive.

“Before taking out any financial product, people need to know whether it is right for them, work out if they can afford it and shop around for the best deal, but unsolicited phone calls can take these key decisions away from them.

“It is not a good way to sell credit or financial services and it is certainly not a good way to buy them.”

Worryingly, StepChange’s recent research into the subject suggests that people most at risk of running into serious debt trouble were among those most likely to be targeted by providers of high-risk credit.

A survey of the charity’s own clients found that roughly a third received calls from companies offering high-risk credit on a weekly basis and around one in eight had taken up at least one of those offers.

If you live in Scotland and are finding it difficult to cope with your personal finance problems then Scotland Debt Solutions may be able to help. Contact us directly today to arrange a free and confidential consultation with one of our experts.

John Baird

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