Synergy Financial Solutions

[tony-g]

Re: Synergy Financial Solutions

Gravity was a trading name of Synergy Financial Solutions that was de-registered in 2011 and no longer used. Trading names cannot go bust. So when Synergy continued working with cases acquired in the Gravity trading name, the legal entity that was contracted to run the cases never changed. It is common practice for companies in all sorts of business sectors to use trading names. Many CMC's have multiple trading styles to advertise to different market demographics. The MOJ website caters very nicely for this by showing both the CMC legal entity name and all trading names.

[TUTTSI]

Re: Synergy Financial Solutions

Hi Tony and welcome to Legal Beagles.

Gravity Financial Solutions Limited according to public record was incorporated on 25 Jun 2009 and was located in West Yorkshire. The company's status is listed as "Dissolved"and it had one director at the time it closed. It was founded by Mr Anthony Edward Gioserano, Gravity Financial Services Limited. Gravity Financial Solutions Limited does not have any child companies. When a company dissolves and then changes it's name to Synergy Financial and then carried on with the same MOJ authorisation number and carried over the clients of the previous company, why would you do that, do you take the debts from Gravity to Synergy? If you did then I 100% apologise for my interpretation of what happened.

In an email from the MOJ to me...
Independent Financial Claims Ltd CRM 19138 traded as Gravity Financial Solutions. It was not a separate entity, just a trading name of the business. On our website pre 4 January 2011, it would have shown Independent Financial Claims Ltd. When the name of the company changed on January 4 2011, our website will have changed and will show, as it does now, Synergy Financial Solutions Ltd CRM 19138. At this point they chose to drop the trading name of Gravity Financial Solutions. However, it is important to note that Synergy Financial Solutions Ltd still has the company registration number of 06763517 and is the same legal entity that has just changed its name. We were confused as to why there were two different names and the same MOJ authorisation number.

You handled our members complaint satisfactorily and we aplaud you for that and never at any time have we accused your company that you have taken upfront fees. In fact we were impressed at the speed you handled the complaint and so was the MOJ/TS.

[tony-g]

Re: Synergy Financial Solutions

Thank you so much for your acknowledgment when a CMC seems to do something right for a change. Praise indeed from a site like this!

[TUTTSI]

Re: Synergy Financial Solutions

Tony if you are still around can you help me unravel and answer my remaining concern, as you can see in the email from the MOJ to me...

Independent Financial Claims Ltd CRM 19138 traded as Gravity Financial Solutions. It was not a separate entity, just a trading name of the business. On our website pre 4 January 2011, it would have shown Independent Financial Claims Ltd. When the name of the company changed on January 4 2011, our website will have changed and will show, as it does now, Synergy Financial Solutions Ltd CRM 19138. At this point they chose to drop the trading name of Gravity Financial Solutions. However, it is important to note that Synergy Financial Solutions Ltd still has the company registration number of 06763517 and is the same legal entity that has just changed its name. We were confused as to why there were two different names and the same MOJ authorisation number.

Sadly I could not find a company on Companies house with this name 'Independent Financial Claims Ltd' at Companies House at all but I did find 'Gravity Financial Solutions Ltd' which obviously ties back to you. I look forward to your help in this matter in would be appreciated.

[tony-g]

Re: Synergy Financial Solutions

I am unsure what your concern is as the response from the MOJ is an accurate summary of proceedings. Please call to discuss. 0800 320 20 50.

[TUTTSI]

Re: Synergy Financial Solutions

Tony, many thanks for responding to me, I was only curious and only needed you to confirm why I could not find a company called 'INDEPENDENT FINANCIAL CLAIMS LTD' on companies house as quoted by the MOJ/TS, having done some more digging on Companies House I have solved this as this company was changed to Synergy Financial Solutions Ltd on 4/1/2011. I would rather we were transparent and posted on this thread unless there is a good reason you wanted to speak to me in private and that you do not want to disclose this information on a public forum thread? I cannot see that you have done anything wrong I was just following through information that was given to me. It was confusion to me because of the different company names and really pleased that everything is as it should be above board and transparent. Thank you for taking the time to come to Legal Beagles to share your views.

I am unsure what your concern is as the response from the MOJ is an accurate summary of proceedings. Please call to discuss. 0800 320 20 50.

[TUTTSI]

Re: Synergy Financial Solutions

Tony, if you are reading this, I could do with some help, can you please advise on how ARB ADVISORY LIMITED is connected to Gravity Financial Solutions Ltd - their name has now cropped up connected to Lifestyle Money who are now in administration.

CONNECTED CLAIMS LIMITED Document: TM02 - Ending appointment as Secretary APPOINTMENT TERMINATED, SECRETARY SHAUN PEMBERTON Filed on: 25 Jan 2011 Add another document for this company?	£4.99
	GRAVITY FINANCIAL SOLUTIONS LIMITED Document: GAZ2(A) - FINAL GAZETTE: DISSOLVED VIA VOLUNTARY STRIKE-OFF Filed on: 27 Mar 2012 Add another document for this company?	£4.99
	ARB ADVISORY LIMITED Document: AR01 - Annual Return of company information (not accounts) 26/04/13 FULL LIST Filed on: 01 May 2013 Add another document for this compan

[enaid]

Re: Synergy Financial Solutions

You have his number Tuts if he doesn't read this

[tony-g]

Re: Synergy Financial Solutions

We have been notified by the Administrator that ARB have taken over the management of cases signed to Lifestyle Money. Other than this, I am unable to provide any information about ARB. Best port of call would be the Administrator for more information.

[TUTTSI]

Re: Synergy Financial Solutions

My question is not one for the administrator but one for you Tony. How is ARB Advisory connected to Gravity Financial Solutions?

We have been notified by the Administrator that ARB have taken over the management of cases signed to Lifestyle Money. Other than this, I am unable to provide any information about ARB. Best port of call would be the Administrator for more information.

[tony-g]

Re: Synergy Financial Solutions

There is no link with ARB and Gravity Financial Solutions which was a Synergy trading name that was de-registered in 2011. ARB have taken over the management of Lifestyle Money cases and Synergy has a number of these cases in its system for which Synergy acted as agent - this means that Lifestyle Money remain the contracted service provider. We currently have no business arrangement with ARB so we are unable to continue to act for these clients unless they sign our own terms of business authorising us to do so. This is of course a decision for each client to make individually. I am pleased to say that over 90% of clients have chosen to sign our terms of business authorising us to continue to act for them as the contracted service provider.

[enaid]

Re: Synergy Financial Solutions

I am not the brightest button in the drawer so can you please tell me if I have this correct.

ARB have taken over Lifestyle Money cases as Lifestyle have gone into administration. Correct?
Synergy has a number of those cases as it acted as 'agent' for Lifestyle Money. Correct?
Synergy can not act for any Lifestyle Money customers unless they sign Synergys T&Cs. Correct?



Can you explain what exactly an 'agent' CMC actually has authority to to and what they actually do for another CMC. This seems very odd to me but I suppose there must be a valid reason just I can't imagine what.
I would also like to understand just who gets the money from the customer as often seems to happen a CMC takes an upfront fee, then goes into administration so customer loses out. Then soon after another CMC pops up and says they have taken over from CMC in administration and you owe us money.
It just would be helpful if you could put myself and a few others I think, into just how all name changing, going into administration, having agents etc actually works in the CMC business.

[charitynjw]

Re: Synergy Financial Solutions

..........& are there 'hidden' fees/payments/bungs involved?

[tony-g]

Re: Synergy Financial Solutions

The MOJ will provide the definitive response to your questions but here is what I can offer to clear any fog. The CMC that has signed terms of business with the client is always the contracted service provider. There should only be one contracted service provider at any one time and my understanding of the MOJ is that they will take a dim view of any type of duplication of service provision i.e. the client has to know who they are dealing with and who they are paying based on one set of terms of business prevailing. Some CMC's, including Lifestyle Money, utilise agents or sub-contractors to outsource work to if they do not wish to complete it in-house. The principle of a sub-contractor is one that most clients would understand from other business sectors. The sub-contractor has no direct contract of service with the client who remains contracted at all times to the service provider holding the terms of business. The contracted service provider remains responsible for all service and liability issues so if a client is unhappy with work completed by a sub-contractor, the contracted service provider would be responsible for dealing with that complaint, not the sub-contractor! Now to deal separately with administration and different firms requesting money. A database of ongoing clients that have terms of business with a CMC is considered to be an asset in administration. That asset can be sold or transferred to a new owner based on the discretion of the Administrator who has a legal obligation to realise the maximum benefit for that asset on behalf of all interested parties i.e. creditors. So the clients may be transferred to a new owner in the administration. HOWEVER, as best business practice and in keeping with treating customers fairly and transparently, it would be ideal if the new owner asked for new terms of business to be signed to avoid any confusion on the part of the clients. My understanding is that although this is not a legal requirement based on the previous terms being transferrable in administration, the MOJ would prefer this for client best interests. As Synergy has no business arrangements with the new owner of Lifestyle Money cases, the first thing we did on being notified of the administration was to send our terms of business to all clients who were not directly contracted to ourselves - we gave clients a choice! I should maybe add at this juncture that Synergy no longer acts as a sub-contracted agent for any CMC - we only engage clients on our own t&c's. Hope this helps - again, please contact the MOJ for a definitive response as they are the only authority on this matter.

[enaid]

Re: Synergy Financial Solutions

Thank you, things are a little clearer.
Seems though the MOJ are very lapse indeed dealing with some of the rogue CMCs and also helping people in some cases. They also do not seem to grasp just what is happening or if they do prefer to turn a blind eye. Perhaps if they were truly independent of the CMCs instead of taking a percentage of their turnover we may have a better situation all round.
Once again thanks for your explanation.