Debt management firms have been banned from sending unwanted text messages to drum up business. Any debt firm posing as a charity or government body also faces a crackdown, under new rules from the Office of Fair Trading (OFT). Staff are also barred from earning commission in an effort to stop them recommending expensive Individual Voluntary Arrangements — an alternative to bankruptcy. Debt management firms usually promise to consolidate people’s debts into one lower monthly repayment. But their steep fees means much of your money goes to them rather than to pay off creditors....Read more here