FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financial Co

[Legal Beagles]

FCA Requirement Notice: Debt and Claims Limited Published: 13/06/2014 Last Modified : 13/06/2014 The FCA placed a requirement on Debt and Claims Limited (Grass Roots (Financial) Limited) which applies to its Consumer Credit Interim Permission. via FCA Requirement Notice: Debt and Claims Limited – Financial Conduct Authority.

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[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

The requirement is that

a: WITH IMMEDIATE EFFECT all the money Grass Roots holds for clients relating to debt managemetn activities whether deposited with a third party institution or otherwise may not as long as the requirement is in force be released, disposed of, or otherwise dealt with without prior written consent from the Authoirty

b. WITH IMMEDIATE EFFECT - Grass Roots must cease carrying on any business that involves the carrying on of regulated activities for which it has interim permissions from the authority. For the avoidance of doubt this requirment applies in respect of activities carried on by the firm itself as well as activities that mya be carried on by any of its appointed representatives or other agents of the firm.

c: GRASS ROOTS shall WITHIN 7 BUSINESS DAYS of the date of this application notift in writing by first class post or electronicallyt each of its customers and their clients creditors in a form approved by the authority prior to its dispatch that Grass Roots has agreed to a requirement to CEASE ALL ACTIVITIES regulated by the Authority ~INCLUDING DEBT MANAGEMENT BUSINESS.

d: d: Grass Roots shall within 10 business days of the date of this application provide the authority with the client list and the list of clients creditors to whom it has written and provide a copy of the letter

e: Grass Roots shall within 20 business days of the date of this application provide to the authority a credible plan to return the money it is holding for clients relating to debt management activities to those clients as soon as reasonable possible.

Signed by Eric Fairweather - 9th June 2014

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

If you have received a letter from Grassroots Financial or Debt and Claims Ltd please could you post a copy here.

It sounds as though the last lot of payments to creditors aren't being made and you may be contacted by your lenders with regards late payment. I can only advise you cease maing payments to GrassRoots Financial or Debt and Claims Ltd and get in touch with CAB or Stepchange with regards taking over your DMP. There is no need to use a fee paying debt management company.

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Alternative Debt Management Ltd

About Money Planning AMP Ltd

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Angel Advance Ltd

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Money and Debt Ltd changed name to Angel Advance Ltd at Co. House. Website being amended under md-debtmanagement.co.uk

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Then appear to have given up and made a new one... angeladvance.co.uk

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Second Letter - Introducing Angel Advance Ltd

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Welcome Letter from Angel Advance Ltd

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

And Angel Advance Terms and Conditions

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – FCA

Angel Advance Terms Page 2

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Very informative page regarding the fees charged to clients

It actually (from the T&C's) seems to be £35 a month??? then 17.5% of any reduced settlement agreements made.

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

They're pretty much the same as Grassroots.

Our letter from Grassroots was different from the one that you put up. We're currently awaiting payment for a dispute which has gone through the ombudsman however our letter reads as though we are still customers of theirs.

[Amethyst]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Any chance you could post it up for me?

Did the ombudsman rule in your favour and you're waiting for payment of the agreed refund/award?

[Naptime80]

Re: FCA Requirement Notice: Debt and Claims Limited / GrassRoots Financial – Financia

Any chance you could post it up for me?

Did the ombudsman rule in your favour and you're waiting for payment of the agreed refund/award?

The ombudsman did award in our favour after constant delays from grassroots.

The decision was made on April 23rd. It's likely we're going to have to take them to court to get the money as they are saying they have no money to pay us now