Gregson and Brooke Financial Services Limited (IP reference number 638595), One Tick Limited (IP reference number 633861) and the Money Management Service Limited (IP reference number 644606) are unable to pay creditors on behalf of customers.
We used our powers to freeze the bank accounts of each of these firms on 29 August 2014 to help protect customers’ money. Following this action, the firms cannot make payments, which means they will not be making further payments to the creditors of their customers.
We are working with the firms to ensure that payments received on or after 29 August 2014 will be refunded.
Payments to Gregson and Brooke Financial Services, One Tick, the Money Management Service, and their various trading names, will not reach your creditors.
We understand that between 2,000 and 2,500 customers have a debt management or debt reduction plan with one of the firms, which are all 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 and moneymanagementservices.co.uk.
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.
You should write to the administrators Andrew Ward or Vedrana Marosevic at the following address:
Duff & Phelps
58 Spring Gardens
You will need to confirm the following:
You can also contact the administrators on 0161 827 9000.
Customers of these firms should take action to continue repaying debts to creditors.
You can also contact our Consumer Helpline on 0800 111 6768 (freephone) or 0300 500 8082 for further information.
Free debt counselling and debt management services are available to customers. You can contact 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.
We have contacted the creditors of affected customers and their relevant trade bodies, to explain the situation and encourage them to take a sympathetic view to customers of these firms during this time.
We have required the firms to refund payments received on or after 29 August 2014 by way of standing order, direct debit or any other payment method.
This requirement can be viewed on our website and the consumer credit interim register.
We took over regulation of consumer credit, which includes debt management firms, on 1 April 2014.
You should be aware that the Financial Services Compensation Scheme (FSCS) is not available to customers of consumer credit firms.
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