Debt consolidation company goes bust - keeping my BIL's money!

moneywise22

Hello,

I need some advice. My BIL has just told me he has been paying a debt consolidation company for 6 months who were supposed to be paying his creditors for him. He then finds out they have not made any payments so his creditors are harrassing him and demanding money. Then to top things off the debt consolidation company has gone bust and he is worried he has lost all the money he has paid to them. They are called 'Payless Finance' based in Manchester. Cant find any info on them.

He is on the verge of being taken to court by his creditors even though he told them what has happened. But he cannot afford to pay them what they want, after already paying the dc company for 6 months!

Can anyone give me some advice please?

poppy_f1

get your BIL to get in touch with cccs or payplan who dont charge for helping set up debt management plans

i dont know what he could do regarding the company that has went bust though

Sea78

I'd agree for your BIL to contact CCCS/Payplan tomorrow and inform his creditors that this is what's happening. His creditors will know that these are companies which will definitely pay them and while they will probably continue contacting him, once they receive official contact from one of those they might calm down somewhat! I don't know what he can do about the money he's already lost however. CCCS/Payplan might be able to help, and Ithink he should contact his local CAB for advice on this matter.

Sea xx

chevalier

These people were listed on an Advice forum in Manchester

Payless Finance
01612721689
Victoria House Sunny Brow Road, Manchester, , M18 7AE

This is their licence number to deal in credit.
Consumer credit Licence Number: 544049

Interestingly though the above firm appears to have a credit licence, I can't find it on the companies house website. Which is a bit weird

This is a company that is on the companies house website

PAYLESS DEBT SOLUTIONS LIMITED
6TH FLOOR GRAFTON TOWER
STAMFORD NEW ROAD
ALTRINCHAM
WA14 1DQ
Company No. 05692316


Hope this helps to track them down. I would strongly suggest your BIL also talks to Trading Standards to see if they are doing an investigation into them already.
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