Three more debt management firms in north-west go into administration

The need to ensure that you are getting your debt management and advice services from a reli…

The need to ensure that you are getting your debt management and advice services from a reliable source has never been more important, especially given that a host of firms in the north-west of England have been forced to go into administration.

Earlier this month, it was revealed that three more companies from the Greater Manchester area would be leaving clients in limbo over their finances.

Gregson and Brooke Financial Services was trading as Expert Money Solutions, One Tick as Debt Savers Direct and the third company to fall foul of administration was The Money Management Service.

Although all three are registered as separate companies, the investigation – which is being carried out by administrators Duff & Phelps – will look at Gary Gregson, who is heavily involved in all three cases.

Mr Gregson was the owner of One Tick and also sat on the board of directors at Expert Money Solutions and The Money Management Service until last August when he stepped down from both roles.

However, his decision to give up the position has not seen him distanced from the investigation by Duff & Phelps. Also involved in the process will be Shalles Onido, who is the sole shareholder of Gregson and Brook, and David Brennan who owns The Money Management Service.

What's more, these latest collapses come after Smooth Financial which was based in Sale, and First Step Finance from Stockport faced similar measures last year.

It is estimated that around 2,500 clients could be affected by the latest revelations, with that number extending to a possible 10,000 when last year's cases across the region are considered.

Choose your advisor carefully

In September, the Financial Conduct Authority warned customers that Expert Money Solutions, Debt Savers Direct and The Money Management Service were unable to meet payments to creditors.

Advice on becoming debt free has never been more sought after with many people up and down the UK looking to consolidate their finances amid economic recovery. Getting payments in order and at a manageable level will inevitably prove the best way to get back to safely wipe them.

However, it is important to do the necessary research before appointing any debt management firm in order to ensure that its existing clients are happy with the service and that it has the resources available to comfortably pay off creditors.

By James Francis

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