FSA? What does this mean? should i worry?

Question

hours at work have dropped and getting another job is proving difficult so in the mean time i contacted a debt management agency to consolidate my debts into a more affordable payment and to deal with the companies i owe money too.

A google search finds this pdf at the top of the search...

http://www.google.co.uk/search?hl=en&safe=off&client=firefox-a&rls=org.mozilla:en-US:official&q="allclear finance" warning&btnG=Search&meta=

can someone decipher the jargon for me? What's going on there? should i be worried as a customer dependent on their professionalism?

Thanks.

Answer 1

FSA is short for Financial Services Authority

Answer 2

Do NOT go to a debt consolidation company. Your actual debt will grow to even higher levels if you do, although payments will appear to fall. Go to Citizens Advice Bureau, it is free, and you will get far better advice.

Answer 3

my interpretation of that is that the FSA has withdrawn the right to trade from All Clear Finance, becuase they are not meeting the requirements of the FSA. n part the judgement suggests that All Clear are not co-operating with the FSA, not submitting returns as required by law.

that means that All Clear Finance will not beable to continue with business until such time as they do co-operate.

in short steer clear of All Clear Finance, mind you unless you have to I'd suggest you steer clear of all such debt consolidators.. try to rreach an agrement with your creditors yourself.. talk tot hem early. Id also suggest you talk to CAB:Citizens Advice who may help. Im aware there is another debt advice organisation whch is free and does give impartial advice.