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Customers of three debt management firms should stop making payments

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The FCA has advised that customers of three debt management firms should stop making payments to these firms as they are unable to pay creditors on behalf of customers.

These firms are:

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

The FCA has used their powers to freeze the bank accounts of these firms to help protect customers’ money; this means the firms can’t make payments to the creditors of their customers.

What you should do next

  • Debt management and debt reduction customers of these firms should stop making payments to the firms immediately.
  • If you have set up a standing order or direct debit you should contact your bank or building society to cancel future payments to the firms.
  • The FCA have asked the firms to contact all customers, to explain what has happened and what it means for their debt management or debt reduction plan.
  • You should take action to continue repaying debts to creditors. You can contact us directly and one of our agents will be happy to help.
  • Alternatively, free debt counselling and debt management services are available to customers. You can find further details here.
  • If you have any questions about your plan you can call or contact the firms on:
    • Gregson and Brooke Financial Services (including Expert Money Solutions): 0161 300 4747/0333 320 8018, email address: mail@expertmoneysolutions.co.uk.
    • One Tick (including Debt Savers Direct and 1-Tick): 0333 320 8018, email address: info@1-tick.co.uk.
    • Money Management Service: 0844 801 9772.

You can also contact the FCA’s Consumer Helpline on 0800 111 6768 (freephone) or 0300 500 8082 for further information.

Bournes Limited

Bournes Limited has also had similar requirements imposed which confirm they must not enter into contractual arrangements with new customers. Bournes Limited requirements include:

  • Cancelling all direct debits set up with their customers and inform them of this in writing.
  • Postpone all creditor payments on behalf of their customers until further notice and inform the creditors of this in writing.
  • Write to their customers asking them to cancel their standing orders with the firm.
  • Return any funds that are received from customers.

 

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