The UK's leading debt charity, Consumer Credit Counselling Service (CCCS), has welcomed today's announcement by the OFT that it has launched an investigation into credit advertising.

CCCS has been concerned about the level of misleading advertising following an extensive investigation carried out last year revealed worryingly high level of breaches alongside inconsistent enforcement.

The investigation which looked at the advertising of car finance, consolidation loan and debt management companies in national, regional and specialist magazines, found that in some sectors as many as two out of three ads were illegal. Adverts for car finance in regional and specialist magazines were the worst offenders.

Continuing vigilance has convinced CCCS that ads for IVAs (Individual Voluntary Arrangements) is a growing area of concern. CCCS chairman, Malcolm Hurlston, says:

"Ads which appear regularly in our newspapers frequently claim to offer debt advice when in fact they in the business of arranging IVAs which are only applicable to a relatively small number of people in certain circumstances. I am concerned that insolvency practitioners should be clear about what they are offering and not masquerade as free debt advisers.

"I shall be sharing these concerns with the OFT investigation team", he added.