help me


Creditors FCA says stop paying debt management companies

Published on September 23rd, 2014 | by FinanceLoophole

0

Stop Making Payments Now

Get help now

Customers Of Three Debt Management Firms Told To Stop Payments By Industry Regulator

Debt management companies Gregson and Brooke Financial Services (trading as Expert Money Solutions), One Tick (trading as Debt Savers Direct and 1-Tick) and the Money Management Service are unable to pay creditors on behalf of customers who’s debts they manage as their bank account have been frozen by the Financial Conduct Authority (FCA). Customers of these companies need to stop making payments to these firms immediately.

The FCA have used their powers to freeze the bank accounts of these firms on 29 August 2014 with the aim of protecting customers’ money. Following this action, the firms cannot now make any payments.

The FCA is working with these debt management companies to ensure that payments received on or after 29 August 2014 will be refunded to customers directly.

Therefore payments that have been made to Gregson and Brooke Financial Services, One Tick, the Money Management Service, and their various trading names, will not now reach any of their customers creditors.

This will affect between 2,000 and 2,500 customers who have a debt management or debt reduction plan with one of these firms, all of these firms are based in Bolton.

The firms also offered debt management and debt reduction services through the websites www.expertmoneysolutions.co.uk,
www.1-tick.co.uk moneymanagementservices.co.uk.

What Should Their Customers Do Now?

Stop making payments to these debt management firms immediately.

If you have  a direct debit or  standing order you need to contact your bank or building society to cancel any payments to the firms.

The FCA has requested that all three firms should now contact all customers by 17 September 2014 to explain the situation.

Customers of these firms should note that these firms should take action to continue repaying debts to their creditors.

You may be contacted by other debt management firms offering to transfer you to a new debt management plan. You are not obliged to transfer to a new provider. Please check first that the firm is authorised by us before agreeing to transfer to a new provider. You can contact a debt management firm here which is regulated by the FCA   for further assistance and information.

If you have any questions about your plan you can call or contact your firms on:

  • Gregson and Brooke Financial Services (including Expert Money Solutions): 0161 300 4747/0333 320 8018
  • One Tick (including Debt Savers Direct and 1-Tick): 0333 320 8018
  • Money Management Service: 0844 801 9772

Free debt counselling is available from the Money Advice Service, which does not provide debt advice but does offer free and impartial information to help people get on top of their debts.

What Has The FCA Done

They have contacted the organisations and their representative trade bodies of affected customers who owe them money. They have encouraged them to tak a sympathetic approach to any customers of these debt management firms.

Get help now

The FCA has also required the affected debt management firms to refund payments made to them by their customers on or after 29 August 2014 by way of standing orders, direct debits or any other payment method.

Tags: , , , , ,


About the Author


Back to Top ↑