MSPs back property management plan

Mar 5 2010

Plans to regulate the property management industry has won broad support from MSPs.

Labour MSP Patricia Ferguson's proposals for legislation to make factors more accountable received cross-party support during a Holyrood debate. The Glasgow Maryhill MSP branded one property management firm "debt farmers" for charging excessive admin fees on debts and piling on compound interest which causes the original debt to sky-rocket.

She said several of her constituents had been pursued by the unnamed firm. Ms Ferguson said: "Their factors, in my view, are nothing more than debt farmers, who grow vulnerable customers' debts on a weekly basis by applying excessive administration charges, compound interest and expenses."