December 20135

MoneyPlus Achieves Legal First

MoneyPlus Group now owns a licensed body which has been authorised by the Solicitors Regulation Authority (SRA) to provide legal services. This means that MoneyPlus Group can now offer legal services through its new Alternative Business Structure.

Commenting on the development, Chris Davis, CEO stated that he was delighted that permission had been granted by the SRA. “By virtue of our move into the legal services market we have embraced exactly the intention of the Legal Services Act. We have an ever increasing consumer base, and this development will enable the company to service the various legal needs of those consumers and provide greater access to justice for them. I am particularly delighted that we are the first company in our sector to appreciate this potential.

We now have the ability to advise consumers on a whole range of legal issues. The provision of this advice will cement the very strong relationship that we have with our consumer base and it underpins our strategy to become a major player in the legal services market.”

Legal advice for the transaction was provided by Frank Shephard, Lucy Shenton and Lisa Stavropoulos at DWF LLP as well as Ed Foulkes at Clarke Willmott LLP. Financial due diligence was carried out by Jodi Birkett and Paul Leather at Deloitte. Commenting on the deal Frank Shephard said “DWF are delighted to have again partnered with MoneyPlus Group in implementing their business strategy. MoneyPlus Group has built an exemplary reputation in their industry and the formation of an ABS within the group will allow greater access to justice for its clients whilst boosting the overall service that MoneyPlus can offer. Deals such as this formed the basis for the concept of the ABS and it is particularly pleasing to be able to bring our experience of the ABS process to the deal and to have helped MoneyPlus to be the first business in their sector to offer such a service.”

November 201219

More than half of IVA clients in rented accommodation

Tenants have accounted for almost 56% of new IVA cases with MPG in 2012 – compared to 46.3% in 2011 and 40.9% in 2010. The total number of tenants taking out IVAs with MPG has risen by 126% in the past two years.

Homeowners arranging IVAs, on the other hand, have declined as a proportion of all new cases in the past year (from 38.5% to 32.5%), and the total number of cases involving homeowners dropped by 27% during the same period. Over a two-year period, however, MPG’s IVA case total involving homeowners has risen by 81%.

Homeowners also have significantly higher debt levels (an average of almost £45,500) than tenants (an average of less than £29,250).

According to MoneyPlus, the drop in the number of homeowners arranging IVAs is the result of low mortgage rates over the past three years. As and when mortgage rates start to rise, this will put significant pressure on disposable incomes.

October 201226

Margaret was afraid to answer the phone until she got debt advice from MoneyPlus Group

Margaret Smith from Wakefield was afraid to answer her phone or open a letter so she took the step to contact MoneyPlus Group. After a full assessment from a qualified advisor she was able to join MoneyPlus Group on a debt management plan and start repaying her debts at a rate that she could afford.

Do you want to be our next success story? Then take our debt test today or call us on 0800 988 2318.

October 201215

MoneyPlus client Michael – Debt free after 5 years

Watch Michael from Nottinghamshire speak about his personal experiences and his time as a MoneyPlus Group customer.

Michael got into debt by simply taking out a £50.00 loan which mounted up to several creditors, more monthly repayments than he could afford and a situation that was spiraling out of control.

Whilst looking for a consolidation loan he found MoneyPlus Group and after 5 years and a total monthly saving of £90.27 he is now debt free and looking forward to a brighter future.

Do you want to be our next success story? Then take our debt test today or call us on 0800 988 2318.

September 201212

Debt Free Me joins MoneyPlus Group

MoneyPlus Group, one of the UK’s leading companies specialising in debt management plans and Individual Voluntary Arrangements (IVAs), has acquired R&R Financial Solutions Limited, which trades as Debt Free Me.

Debt Free Me, based in Blackburn, Lancashire, represents more than 6,000 people on debt management plans and is one of the largest members of the Debt Resolution Forum.

The purchase of Debt Free Me is the latest in a series of acquisitions by MoneyPlus Group (MPG) since a management buy-out backed by Palatine Private Equity in 2011. It also operates debt management brands The Debt People, Chiltern and Hamilton Locke.

With the acquisition of Debt Free Me, the group now acts for more than 28,000 customers on debt management plans, plus more than 4,000 on IVAs.

Chris Davis, chief executive of MPG, said: “We have demonstrated impressive growth over the past 12 to 18 months, and we have achieved that while still providing an exceptional level of service to our consumers and retaining our strong reputation in the sector.

“Debt Free Me is a great addition to the MoneyPlus stable, but we’re keen to build our presence in financial services still further, through acquisitions and organic growth.”

September 201211

MoneyPlus Group completes Manchester move

Fast-growing debt management specialist MoneyPlus Group has moved from its Altrincham base into new headquarters in the centre of Manchester.

It has taken a lease on more than 21,000 sq. ft of office space in the recently-refurbished Riverside building in New Bailey Street, on the banks of the River Irwell.

MoneyPlus Group, one of the UK’s leading companies specialising in debt management plans and individual voluntary arrangements (IVAs), currently employs 190 people.

The company has made a number of acquisitions over the past 12 months, the latest being R&R Financial Solutions Limited, which trades as Debt Free Me.

MoneyPlus Group, which also operates debt management brands The Debt People, Chiltern and Hamilton Locke, now acts for more than 28,000 customers on debt management plans, plus more than 4,000 on IVAs.

The move to Manchester will help support the group’s ambitious growth plans and its planned expansion into other financial and legal services.

Chief executive Chris Davis said: “The move to Riverside is a significant milestone for MoneyPlus Group. It’s a great base for our existing staff and gives us the space for growth that we need.”

October 201113

Debt Management Provider of the Year – Finalist

Debt Management Provider of the Year Finalist
We are proud to announce that MoneyPlus Group has been shortlisted for ‘Debt Management Provider of the Year‘ at the Insolvency & Rescue Awards 2011.

The awards recognise the achievement of UK firms in the IVA and Debt Management field, and MoneyPlus Group has reached the final four.

The award ceremony will be held on the 5th October 2011.

To see how MoneyPlus Group can help you generate more income for your business Call 0800 9549 448.

July 201115

MoneyPlus Group welcomes OFT’s consultation to raise standards across debt management industry

MoneyPlus Group welcomed the Office of Fair Trading’s (OFT) revised debt management guidance, which was published yesterday for consultation and aims to raise standards across the debt advice sector.

This guidance update follows the OFT’s recent review of compliance in the sector (which exposed unfair practices within the industry and highlighted areas that could be improved), along with a pre-publication consultation with leading industry bodies – including the Government, trade body DEMSA (the Debt Managers’ Standards Association) and Citizen’s Advice amongst others.

Michael Land, Chairman of DEMSA, commented on the consultation saying: “DEMSA and its members have long agreed with the OFT that there needs to be more exacting measures in place to put clients’ interests at the heart of the sector and stamp out new and emerging unfair business practices. I am pleased that the OFT has today set out a range of proposals which are designed to put transparency, fairness and consumers’ interests first.

“Under the DEMSA Code of Conduct members must provide their clients with fair and transparent information in advance of any service commencing, to enable them to make an informed decision. In addition, members must ensure that all marketing and promotional material is appropriate, accurate and not in any way misleading.”

A MPG spokesperson said: “The proposed guidance should help to improve the advice and level of service across the debt advice industry, which can only be a good thing for customers.

“As DEMSA members, most of the new regulations have already been introduced and are well established in our company’s practices, but we always welcome ways to enhance our service.”

Mr Land echoed this, saying: “DEMSA has continuously promoted the need for firms to have safeguards in place to protect consumer interests. All member firms must keep client funds ring fenced in trust accounts and provide a compliance certificate, from a chartered accountant, demonstrating they are maintained satisfactorily and ensure that all payments are passed on to their clients’ creditors within five working days. In addition all DEMSA members are audited annually and monitored constantly.”

Some industry experts have said that it will be interesting to see how some companies cope with having to drastically change the way they do business, but Director of the OFT’s Consumer Credit Group, David Fisher, gave a firm warning to those that fail to comply.

He said:  “’This guidance is designed to leave firms in no doubt about the standards the OFT expects and what they must do to comply with the law. The failings identified by our recent review are unacceptable and show that debt management businesses must raise their standards or face enforcement action.”

DEMSA is the only trade body in the sector to have received approval of its consumer code under the OFT’s Consumer Codes Approval Scheme. As the leading trade body in the sector it works closely with the OFT to help promote high standards in the industry.

The new guidance is due to be launched in full at the end of the year, once the OFT have had chance to review comments following the 12-week consultation period.