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The latest debt and claims management company to have their consumer credit licence removed by the FCA is UK Money Solutions ( website http://www.ukmoney-solutions.com/debt-management )
The company appears to have had around 400 Debt Management Clients. Customers started receiving letters about their Debt Management Plan last week.
In 2015 the firm received a fine of £80k from the Information Commissioners Office for sending 1.3 million spam texts generating 1,442 complaints.
UKMS made some amendments to their website following the news, which included changing the URL title of their Debt Management Terms webpage to – ‘The WhistleBlower’.
Kevin Michael Fielder Director of UK Money Solutions The company also offered PPI reclaim service and held a Claims Management licence – however the Director, Kevin Fielder, surrendered his licence in mid February 2016. The parent company authorisation ( CRM26720 ) was under investigation by the Claims Management Regulation Unit under regulation 35 of The Compensation (Claims Management Services) Regulations 2006 and they surrendered their licence effective 31st March 2016.
Their Consumer Credit Licence lapsed on 26th April 2016.
| UKMS Money Solutions Limited | www.debtlocal.co.uk, Debt Local, DebtLocal, UKMS, UK Money Solutions, www.ukmoney-solutions.com | Consumer Credit Interim | 641658 | Lapsed |
If the debt management company you were dealing with is ceasing trading, it can be a very worrying time. You may not know what to do next, or who you can trust for advice.
If you have been affected you should contact a free Debt Management provider – Stepchange are experienced at helping customers of failed DMP firms;
It’s important that you take immediate advice about your debts. The Financial Conduct Authority (FCA) and Money Advice Service (MAS) recommend that customers of recently closed debt management companies should contact a free debt advice provider for information and support. Take the first step by using StepChanges online Debt Remedy tool.
Free Debt Management Plan
0800 138 1111 – National
Options ?
1) Do It Yourself. This is probably easier than you think! There is some free software here from Citizens Advice that will calculate how much to offer each creditor and generate all the letters to creditors for you. This includes versions of the letters for when you are telling the creditor that you previously had a DMP with someone else.
2) Go to a free DMP firm ( as above ) StepChange runs DMPs that are free-to-client so all your money goes to your creditors each month. There are no downsides to using a “free” firm – they are exactly the same as a “fee paying” one, see Debt Camel ‘s Website for more details
3) Choose another commercial DMP company…… not something we would recommend at this point. Many firms will be vying for your business – we would suggest you take your time and work out exactly what your position is before making any decisions with regards a new fee charging DMP.
If you have any questions or information regarding this firm please post in the comments below or post on the Have Your Say section of the LegalBeagles forum (no need to register).
INFO:
UKMS Money Solutions Ltd trading as UK Money Solutions
whose registered address is 201 – 204 Murdoch Chambers, 153a Corporation Street, Birmingham, B4 6PH whose Consumer Credit License Number was 0641658 and Data Protection Registration is Z2648089. UKMS Money Solutions Limited is company number 7365127.
If you have used this company please post on the LegalBeagles forum.
( Fee's and client agreement copies at bottom of this post http://lbcompare.co.uk/ukms-uk-money...bt-management/ )
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