Thursday, February 7, 2008 - 16:25h

Fines imposed on debt consolidation companies

Fines have been imposed on a total of 46 companies in the sector, mainly for misleading publicity or abusive conditions

The Catalan Consumer Affairs Agency (ACC) has imposed fines on 46 companies in the debt consolidation loan sector. They have been charged with 194 offences, mostly involving misleading advertising claims or abusive clauses in contracts. A total of 90 inspections have been carried out throughout Catalonia. The largest number (88%) were in the city of Barcelona and Barcelona province, this being the area of Catalonia where most of these companies are concentrated.

The fines imposed total €519,600, the largest amounts being €239,000 for misleading publicity (46% of the total) and €181,200 for the use of abusive clauses in contracts (34.9% of the total).