OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (UK)

[Amethyst]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

Yes they take a little while to catch up, but presumably the next notice on there will be winding up/liquidation as I expect Platinum have only bought the customers and details etc and not the liabilities / company.

[Amethyst]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

Apparently this will be being discussed on MONEYBOX lunchtime today.

[Amethyst]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

* UPDATE - 19 June 2014 *

The business was marketed for sale and a sale has now been completed to Hobart Revenue Management Limited t/a Platinum Management (“Platinum”), which has Interim Permission from the FCA (Interim Permission number 578656). It is anticipated that Platinum will be in contact with all clients shortly to discuss their ongoing requirements for debt management plans.

It is important to note that no client money has been transferred to Platinum as part of the sale. The Joint Administrators are continuing to investigate whether or not there remains any money that clients paid to First Step Finance Limited, Debt Help & Advice Limited and Primary Business Solutions Limited. They will update clients in due course. Unfortunately there is a very high chance that no money is left and, if this is the case, clients will not get their money back.

I RECOMMEND CONTACTING STEPCHANGE RATHER THAN GOING WITH ANOTHER FEE PAYING DMC.

0800 138 1111 Freephone - including all mobiles

Terms and Conditions of Trading



The agreement between you and us is made on the following terms;

1.1 Definition of Terms

“You” Our client whose name is recorded overleaf (and partner where any of the debts are in joint names)

“Us” Platinum Management Limited (PM), 2nd Floor Petersgate House, 64 St Petersgate,Stockport, SK1 1HE. Licensed by the Office of Fair Trading under Consumer Credit No. 578656.

“Creditors” Any and all of your unsecured creditors whose details you will provide to us in accordance with Section 3.

“Debt Management Programme” A plan of repayments produced by us in accordance with section 4.2

“Period” The period which the Debt Management Programme is in operation.

“Fees” The fees to be paid by you to us in accordance with the debt Management Programme.

2 Agreement

You request us and we agree to provide you with a debt counseling advisory and adjusting service in accordance with these terms and conditions. You authorize us to negotiate on your behalf with your creditors. This agreement shall continue until final repayment to the Creditors is made in accordance with the Debt Management Programme, unless it has been terminated beforehand in accordance with section 6.

3 Your Responsibilities

3.1 You will provide to us on request information relating to your finances. This will include but will not be limited to details of your income and expenditure, your Creditors and any agreements you have with them, any loans or mortgages you have, your dependants and any judgments’ made against you or any other enforcement action being taken against you.

3.2 You will sign any necessary forms of authority or any other documents so that we may negotiate with your creditors on your behalf and generally carry out our obligations under this agreement.

3.3 You will pass copies of all correspondence from your Creditors to us and keep us informed of any dealings you have with any Creditors whether we are negotiating with them or not. Once the Debt Management Programme has been agreed, you will not make any expenditure over and above your reasonable living expenses as calculated in the Debt Management Programme. You will not use your credit cards, nor incur further debts.

3.4 You will consult with us in relation to your Debt Management Programme of repayments and in relation to any alterations to it or reviews of it. Your payments to us will need to be amended to reflect any reasonable charges which your circumstances dictate. You will make payments to us under and in accordance with the Debt Management Programme promptly and without any deductions.

3.5 On occasion your Creditors may not provide us with balances of your accounts due to their own company procedures. If these circumstances arise then you will obtain this information for us and supply us accordingly.

3.6 We cannot be held responsible for any legal action taken against you by your Creditors as a result of fraudulent or incorrect information provided by you at the time of acquiring a loan, HP agreement, credit card or any other forms of credit.

3.7 Non contact from you will not be considered as cancellation of the agreement. If any funds are owing to you then written confirmation will be required to release funds owing to you in accordance with section 6 of this agreement.

3.8 If you do not maintain regular payments we will suspend any action and payments on your account. Your Creditors may have to be informed that payments are not being maintained. This may result in your Creditors continuing legal action against you for which we cannot be held responsible.

3.9 You remain responsible for continuing to pay any secured loans, mortgages or Hire Purchase agreements and all household bills (including insurances)

4 Our Responsibilities

4.1 We will review your finances, covering your income, expenditure, debts and assets. These must include all debts secured on property or goods, which we will take into consideration but cannot negotiate reduced payments on. We will calculate your disposable income based on reasonable living expenses.

4.2 In consultation with you we will produce a Debt Management Programme by which you can pay off your Creditors out of your disposable income at rates you can afford. The Debt Management Programme will let you make monthly payments to us and will take account of your Creditors and of our Fees. It will not take account of any matters you have not told us about in accordance with section 3. It will also take account of the differing requirements of your different Creditors, if there is more than one.

4.3 We will negotiate with your Creditors and attempt to agree repayment terms with them of the amounts outstanding. In doing so we shall use the Debt Management Programme and we shall ensure that the periodic payments that we agree with your Creditors on your behalf do not exceed your disposable income(less our fee) as calculated by us, for the same period.

4.4 We shall attempt to agree with your Creditors, where appropriate, that they freeze or reduce their interest charges and that they suspend or withdraw enforcement proceedings issued in connection with your agreements with them. In rare instances County Court proceedings may still be auctioned against you. In these cases we will assist in completion



of all relevant paperwork as required. We cannot guarantee to stop legal action by your Creditors.

4.5 We shall make payments to your Creditors in accordance with the Debt Management Programme.

4.6 The payment made to your Creditors will be reflected on the statements you will receive from them. A full breakdown of all payments we have made can be obtained on request. On all Creditors accepting the offers of repayment we will issue you with a breakdown of these. In addition we will issue monthly statements showing all payments and receipts of your account.

4.7 Should your circumstances or any other relevant information change during the Period, we shall, in consultation with you and your Creditors review the Debt Management Programme and if necessary shall make changes to it in agreement with you and any Creditors concerned.

4.8 From time to time your Creditors will request an update of your financial situation. We will contact you to review your current financial circumstances and update your Debt Management Programme accordingly. To aid this process we request that payslips are regularly forwarded to us for review.

4.9 All payments to us will be made into our PM client account. This account is separate to our own business accounts and funds held for distribution to your Creditors will be retained for that purpose only. No interest will be payable to you on funds that we hold. At times funds held for distribution to your Creditors will be classed as client monies.

4.10 During the negotiation process some Creditors may continue to charge interest and other recovery charges. We cannot always prevent these charges being levied. These will however be paid off as part of your Debt Management Programme.

4.11 We can only provide advice on the services that we offer.

4.12 The company takes any complaint regarding its practices very seriously. Any complaints can be sent in writing to the Directors of the company and shall be dealt with personally by them. The Directors of the company will return correspondence within 5 working days.

If you cannot settle your complaint with us you may be entitled to refer it to the Financial Ombudsman Service.



Financial Ombudsman Service (FOS)

South Quay Plaza

183 Marsh Wall

E14 9SR



5 How we will be paid

5.1 There will be no initial fees payable by you towards Platinum Management for your Debt Management Programme

5.2 We will take from each monthly payment under the Debt Management Programme a fee equal to 22% of the periodic payment, subject to a minimum of £38, however if a situation arises where taking the minimum would represent more than 50% of the full payment it will be reduced to 50%. If in accordance with our records you have conducted and completed your Debt Management Programme satisfactorily will, refund 9 months of management fee. EXCEPTION; Waiver of the latter fees will not apply where ‘full and final’ settlement has been arranged.

5.3 Your Debt Management Programme will be reviewed initially after the first 10 months. We will then conduct further reviews every 6 months, this service is inclusive in your debt management programme and occurs at no additional cost

5.4 If this agreement is ended in accordance with section 6, we will return any undistributed funds after having deducted any monies due as fees and you will not have to pay us any more money. This will be made within 30 days of receiving written confirmation in order to allow us time to process all receipts and payments on your account.

5.5 In the case of weekly payments, the same fee structure will apply on a pro rata basis.

5.6 Upon entering into the programme we will issue an estimated fee schedule to you. This will be based on your estimated Creditor balances. This will also include an estimated repayment term based on the assumption that interest and charges will be frozen on these accounts.

5.7 On receiving actual balances from your credit companies an Actual Fees Schedule will be issued to you. Our fees will then be capped as the total fees then shown (provided there are no material differences or omissions to the creditors balances used in the calculation) this will also show the estimated terms of your Debt Management Programme.

5.8 We will notify you of any changes to our terms and conditions in good time.

6 Cancellation of Agreement

6.1 Upon entering into the programme we will issue to you a key features document and estimated fees schedule. If for any reason you wish to cancel, we offer a fourteen-day cooling-off period from the date of this letter and upon request in writing, via fax or email we will offer a refund of payment taken.

6.2 After the fourteen-day cooling-off period you may end this agreement by giving us four weeks notice in writing, via email or fax.



2nd Floor Petersgate House

46 St Petersgate

Stockport

SK1 1HE



Email: enquiries@platinummanagement.co.uk



Fax: 0161 429 7217



7 Termination of Agreement

We may end this agreement by giving you four weeks notice in writing if any one of the following things happen:

1. You breech this agreement and do not remedy the breech within seven days of our bringing the breach to your attention;

2. A bankruptcy petition is issued against you;

3. You enter into an Individual Voluntary Arrangement/Trust Deed;

4. Where the information provided to us is knowingly incorrect;

5. The information provided by you at the time of acquiring a loan (HP agreement, credit cards or any other form of credit) is deemed incorrect or fraudulent by any creditor;

6. If we are affected by Force Majeure.

[Nibbler]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

The business was marketed for sale and a sale has now been completed to Hobart Revenue Management Limited t/a Platinum Management (“Platinum”), which has Interim Permission from the FCA (Interim Permission number 578656). It is anticipated that Platinum will be in contact with all clients shortly to discuss their ongoing requirements for debt management plans.

That seems to be the way with these things. People just get passed to the next parasite in the queue.

Agree with the above. Move to stepchange or another genuinely free provider.

[Amethyst]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

So Debt Help and Advice acted like a kind of savings account where people stored their money to build up enough of a balance to make full and final settlements to creditors.

Of an account that should have held £7million the administrators only recovered £3k !?!?!?!

ffs. What exactly did the OFT do?

And why not make more noise about Debt and Claims Ltd (Grass Roots financial ltd) ??????? At least warn customers to stop paying them.

[Wombats]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

Is there a reason for recommending StepChange over Payplan, CAB, etc..... or was it a recommendation to go with one of the big, FREE, reputable debt charities as opposed to another fee paying one.

There is no reason for anyone to ever pay for quality debt advice and to set up and manage a DMP.

[Amethyst]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

Mainly meaning a free DMP as opposed to one you pay for, and mainly a provider you can trust, over a scummy fly by night rip off merchant. CAB don't run DMPs for you and people who are using fee paying DMPs are doing so for a reason, because its ''easy'' and they don't have to do the leg work, like you have to if you go through CAB money and the like. Payplan I don't have enough dealings with to be able to recommend or not recommend using them, so default setting is Stepchange....for me anyway.

[Nibbler]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

Payplan are OK mostly, but they do from anecdotal accounts I've seen sometimes try to bounce you towards an IVA just a bit too keenly, and/or try to sign you up to bolt on products and insurances etc that you don't really need.

[Guest]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

I have dealt with Payplan on a number of occasions and can recommend them.

They generally take your initial call, assign a case worker who calls you back. They then take details of your income and expenditure over the phone and create a budget. You get access to a web site which you can use to monitor payments being made and the various creditor accounts status.

They send all the offer requests for you and you can check the progress on line.

You can set up one standing order for the total amount you want to pay or pay by transfer etc. all your payments come off the balance of your accounts.

Creditors seem to accommodate the freezing of interest fairly well in my experience and I have only come across one when delayed freezing interest(HBOS), but they agreed eventually after some prompting.

Payplan do operate some commercial activities which they tend to promote to their clients so expect to be called regarding your insurances etc. they also operate a credit service via "Red Potato" which supplies goods on credit at a similar rate to catalog account 23.9% APR credit deals.(better value than bright-house etc IMO), they will take your payments in to consideration and your income and expenditure.

Add : Just seen Nibblers post and he is right they do tend to push IVA's so you have to stick to your guns somewhat when the case worker calls if you are sure you only require a DMP.

[Wombats]

Re: OFT removes licences First Step Finance, Welcome Solutions Ltd , Debt Connect (U

Yes, I'd have thought StepChange or Payplan were the obvious main two (my mistake over CAB sorry - self managed is not something I would think to be a good idea in this scenario). Both have been accused of pushing the IVA route, but both are reputable and will do DMP's if that's what you want regardless. I've seen people quite happily discharge their debts on both.