Don’t get caught out!

Remember the old adage that if it looks too good to be true - it probably is. The Consumer Minister would probably agree, as he has recently warned consumers and businesses alike about the type of scams that have been prevalent in the last year.

These include companies that are:

• running ‘get rich quick’ property schemes
• advertising ‘buy to let’ properties in poor condition and making claims about unrealistic rental returns
• advertising individual plots of agricultural land where there is virtually no development potential
• selling advertising space in a range of publications, claiming that part of the money raised will go to good causes
• offering the chance to make a profit from buying up debts
• charging for unsolicited office consumables
• targeting the compensation packages of retired or redundant staff.

The DTI does act against scammers, sometimes winding up the companies involved and taking the directors to court. However the scams and schemes can resurface under a different guise and sadly more individuals find themselves being caught out.

Make sure that you and those around you don’t get caught out by considering the following tips on avoiding scams:

• only do business with companies you know and trust
• make sure you fully understand all the terms and conditions of any offer made to you
• take your time before making any decision
• don’t provide financial or personal information before you establish whether the company is legitimate
• don’t judge the credibility of a company or sales person by how ‘professional’ they or their promotional material or website appears
• don’t fall for high pressure sales tactics
• don’t let embarrassment or fear keep you from reporting fraud or abuse to the appropriate authorities
• don’t be afraid to ask as many questions as you like.

Further information can be found at www.dti.gov.uk