ClearDebt learned today that debt advice company “DebtDR” – the trading name of Hermes Financial Solutions has ceased trading.

Free Debt Management Plans available to DebtDr clients

ClearDebt is offering any current DebtDr client the same opportunity that has been taken up by hundreds of Apex DCM clients – namely a free assessment of their circumstances and free advice on all the options open to them. Where a DebtDr client chooses a debt management plan (DMP) this will be free of all charges, as long as the plan continues to run. If an Individual Voluntary Arrangement (IVA) is recommended and the client chooses this option then only industry standard (or “protocol compliant” fees will be charged).

DebtDr creditor details unavailable

We won’t be able to help DebtDr clients establish creditor details and sums outstanding (as we have with Apex) because we don’t have access to the client database.

DebtDR apparently had a trading model similar to failed debt company Apex DCM, offering clients “full and final” settlements. It appears the company had amassed considerable losses. The firm appears to have offered its products through a network of Independent Financial Advisors (IFAs), some of whom were concerned enough to suggest that clients should ask for their money back – unsuccessfully.