This morning, the FCA announced that customers of 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 should stop making payments to these firms immediately.
On 29th August, the FCA used their powers to freeze the bank accounts of each of these firms in order to protect customers’ money. Following this action, the firms cannot make payments, which in turn means that they will not be making further payments to their customers’ creditors.
The FCA understand that between 2,000 and 2,500 customers have a debt management or debt reduction plan with one of the Bolton-based firms. Now that these companies are going out of business, other fee-charging companies could swoop in to sign the customers up to their services. If you’re affected by this closure, you should obtain free debt advice through us first.
Who’s the FCA?
Earlier this year Financial Conduct Authority (FCA) took over from the Office of Fair Trading. They ensure that consumer credit companies and advice agencies act fairly and ethically.
Will I get my money back from these companies?
Hope remains that former clients may be refunded the money that was paid toward their debts. The FCA are working with the firms to ensure that any money paid on or after 29th August 2014 is refunded as soon as possible. In the meantime, the FCA recommends that customers of these firms should take action to continue repaying debts to creditors.
Can I move my DMP to StepChange Debt Charity?
When a person gets in touch with us for free and confidential debt advice, we take an in-depth look at their budget to determine what solution is best for them. So before we would potentially offer you a DMP, we first look at your situation from all angles.
There’s two ways you can do this:
- Our online advice tool Debt Remedy can help you put together your own personal action plan. This will take approximately 20 minutes, and is an straightforward and anonymous way for you to get the debt advice you need.
- Our team of debt advisors are also on hand to go through your budget and talk through all available options with you. Visit our contact us page for more information.
If a DMP is most suitable for you, then we’ll happily provide one that’s completely free of charge. However, it’s possible that another solution might be more suitable for your situation. If this is the case, we can guide you through this and help you with your journey.
Please be aware that other fee-charging companies make phone calls to former customers of closed debt management companies. We strongly advise that you seek free debt advice before you agree to anything a fee-charging company offers you.