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The Credit Services Association (CSA)
Customers of three debt management firms should stop making payments
Debt management customers of Gregson and Brooke Financial Services (trading as Expert Money Solutions), One Tick (trading as Debt Savers Direct and 1-Tick) and the Money Management Service should stop making payments to these firms.
Gregson and Brooke Financial Services Limited (IP reference number 638595), One Tick Limited (IP reference number 633861) and the Money Management Service Limited (IP reference number 644606) are unable to pay creditors on behalf of customers.
We used our powers to freeze the bank accounts of each of these firms on 29 August 2014 to help protect customers’ money. Following this action, the firms cannot make payments, which means they will not be making further payments to the creditors of their customers.
We are working with the firms to ensure that payments received on or after 29 August 2014 will be refunded.
Payments to Gregson and Brooke Financial Services, One Tick, the Money Management Service, and their various trading names, will not reach your creditors.
We understand that between 2,000 and 2,500 customers have a debt management or debt reduction plan with one of the firms, which are all based in Bolton.
What you should do next
Debt management and debt reduction customers of these firms should stop making payments to the firms immediately.
If you have set up a standing order or direct debit you should contact your bank or building society to cancel future payments to the firms.
We have asked the three firms to contact all customers by 17 September 2014 to explain what has happened and what it means for their debt management or debt reduction plan.
Customers of these firms should take action to continue repaying debts to creditors.