A finance watchdog has warned 2,500 customers to stop paying three Bolton debt firms – or face losing their money.
The Financial Conduct Authority (FCA) have suspended the activities and frozen the bank accounts of Gregson and Brooke Financial Services, One Tick Limited, and the Money Management Service, who have their offices on Bradshawgate, Bolton.
They are all working with the FCA to ensure that payments received after August 29 are refunded.
The regulator warned customers that if they have a standing order or direct debit they should contact their bank or building society to cancel future payments to the three companies.
It is believed that between 2,000 and 2,500 customers have a debt management or debt reduction plan with one of the firms.
The FCA stated: “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.”
The FCA is also believed to have asked all three firms to contact their customers to explain the situation, and what it means for their debt management or debt reduction plan.
Money Management Services released at statement on their website, which said: “Money Management Services has decided not to take on new clients whilst we work with the FCA to improve our customer processes and procedures and management controls, ensuring the fair treatment of our customers.”
If you are affected by this, the FCA urges you to contact the firms directly, or alternatively the FCA’s consumer helpline on 0800 111 6768.
Images courtesy of Image Money with thanks
