There is a new text message scam which claims to "write off up to 90% of your debt". This is misleading and can often be confusing for people in debt.
Cold calling and unsolicited text messages are part of the Office of Fair Trading (OFT) crackdown of rogue debt companies.
There are some debt solutions where you may be able to repay a percentage of the money you borrowed, with the rest being cleared if the solution is satisfactorily completed. It's essential to note that these solutions can be damaging to your credit file. These solutions include IVA, Protected Trust Deed, Bankruptcy and Sequestration.
These texts make completely untrue and unethical statements which could affect the vulnerable. Mr Mark Sands from RSM Tenon has said "These email scammers are taking advantage of other people's misfortune just when they need and deserve good advice. I'm worried that as these so-called debt settlement orders sound so similar to legitimate debt relief orders that many may fall foul of this scam".
Anyone who is considering replying to these texts or adverts are advised to reconsider as it contravenes the OFT guidelines for debt advice organisations.
We text debt to the number supplied to find out what would happen. It turns out a for-profit organisation telephones back and then tells you that you are able to write off your debt. This is before he asked me about how much debt I owed.
Please don't reply to these texts, they are more trouble than they are worth! Still getting calls 8 months later to write off debt.