On Tuesday the 20th May Debt Help & Advice Ltd based in Stockport, Manchester announced that it had ceased trading.
It is believed the firm had between 3,000 and 3,500 customers to whom they were providing debt management plans under their trading names Debt Help & Advice Ltd, First Step Finance Ltd or Primary Business Solutions Ltd amongst several others.
FCA Statement about Debt Help & Advice Ltd
The FCA have warned that all customers of the firm should cease any future payments to their debt management plans and recommended advice be taken on their ongoing financial circumstances.
The implications of Debt Help & Advice Ltd ceasing to exist is the prospect of thousands of individuals experiencing financial hardship, being left to arrange repayments of their debts alone. As soon as one monthly payment has been missed creditors and collections firms will seek to contact debtors.
Should repayments considered satisfactory to the creditor fail to be arranged, the debtor faces the possibility of additional interest, charges and potential action such as CCJs being pursued.
Although a large number of creditors have policies to engage with over-indebted individuals to seek a resolution there are still also a large number of companies who continue to use aggressive measures to recover amounts owed. The absence of professional advice and guidance at this time can be a very distressing time for many people.
Recommended Advice for former Debt Help & Advice Ltd customers
If they choose to use a fee-charging provider they should seek a firm who is a member of a trade association such as DRF (Debt Resolution Forum) or DEMSA and receive guidance on the most appropriate solutions available to them.
Other trading names used by Debt Help & Advice Ltd are as follows;
- Atria Finance
- Sales Help and Advice
- Debt Help and Advice
- Debt Help & Advice
- DH and A
- DH & A