help re moneyworries.co.uk

DickyBow

Hi all, my first post on here, so please be gentle with me!

I will try and be as brief as possible:

I discovered last week that my sister had entered a DMP with this company called Moneyworries. She said she pays them around £560 per month, of which they take £75 for themselves. I said that she should consider a company like Step Change which do not charge a fee, and a very reputable, and she said she would loom into that.

I spoke to her again last night, and she was very concerned as seems the last 3 payments she paid have vanished into the ether, and the moneyworries.co.uk website seems to have been closed down.

I have searched and read many negative comments about them on here, and am pleased that she was looking to move away from them, but am asking a) does anyone know what has happened to this company recently? ie have they gone into administration etc, and b) does she have any form of redress for the money that seems to have gone missing?

Thanks in advance

DickyBow

fermi

http://www.cheshire.police.uk/news--appeals/latest-news/2013/03/debt-management-firms-cease.aspx

08 Mar 2013

Cheshire Constabulary are currently conducting a criminal investigation into the business management of Debt Help Direct Ltd and Money Worries, and as such they are not currently trading.

We have details of all the account holders and work is in hand to facilitate the process of assigning the customer accounts to another company or group of companies to assist in the management of all customer's debts. We are hopeful that this process will be concluded sometime in the week commencing Monday 11th March.

We appreciate that this may be a worrying time but work is urgently being done to resolve this issue.

fermi

http://www.credittoday.co.uk/article/14953/online-news/police-investigate-debt-management-business

Debt management firm Debt Help Direct has ceased trading as it faces a criminal investigation.

The company, which also uses the trading name Money Worries, is being investigated by Cheshire Constabulary.

Cheshire Police confirmed that it is in relation to the arrest of a 38-year-old man from Macclesfield at business premises in Handforth, near Wilmslow, on 6 March.

The male was arrested on suspicion of fraud by false representation, theft of clients’ monies and possession of Class A drugs.

A residential address in Bonis Hall Lane in Macclesfield was also raided by police and a quantity of what are believed to be controlled drugs was seized.

In a statement, Cheshire Constabulary said: “We have details of all the account holders and work is in hand to facilitate the process of assigning the customer accounts to another company or group of companies to assist in the management of all customers’ debts.

“We are hopeful that this process will be concluded sometime in the week commencing Monday 11 March.”

The Credit Services Association (CSA) has alerted members to the transfer of clients from Debt Help Direct.

Claire Aynsley, head of membership and compliance at the CSA, said: “At this current time, we are unaware who the other DMCs will be, however, as soon as we have further details, we will update members accordingly.

“Given the circumstances, the Office of Fair Trading is happy for members to make direct contact with any customers they may have who are in a plan with Debt Help Direct and/or Money Worries.”

DickyBow

Many thanks for that info .... will pass on to my sister

lisab81

Hi,

I'm a money worries customer and have just heard about this! What do I do now?

DickyBow

Hi lisab81, the only advice I can give is what my sister has been advised to do and what she has done over the past few days. The first thing to do is to cancel the standing order that you have to Money Worries. Next, you need to contact Cheshire Police and register your complaint. They have had over 3,000 such inquiries, so are well aware of what is going on. In my sister's case, the creditors had not received any money for 7 months, despite receiving statements to the contrary, so I would also suggest contacting the creditors - by now they are also aware of the problems, so will be sympathetic to your cause.

Finally I would suggest getting another DMP in place - My sister has gone with Step Change, and I have not heard a bad word said about them.

I hope that helps, but please ask if you need any further advice

DBO

mikewjones_from_wales

Hi people Fermi alerted me to this thread.

Regarding Debt Management firms going bankrupt and there being criminal attivity behind it.

I was had by a company called DCM Money Solutions a company that ran off with £8million of 1040 people's money. There is a thread on here if you need any answers on what you can do to get justice then please visit and read the thread.

Only now are we getting the Serious Fraud Office involved after going at it for more that two years.

My advice keep at it, dont give up, get as many of you together.

Its not easy and it will take time. We on the DCM money solutions thread are in contact with each other away from the thread (it would appear that the former directors of the company were reading).

Keep your heads up and keep going.

Things might not happen as you want to or as qucik as you might want them to. But keep going.

Mike

fermi

http://news-insolvency.bis.gov.uk/Press-Releases/Cheshire-debt-management-companies-that-targeted-the-financially-desperate-are-wound-up-by-the-Insol-68e09.aspx

12 June 2013 12:00

Insolvency Service



Two Cheshire-based companies that claimed to offer debt management services to clients in financial difficulties, were wound up by the High Court on 3 June 2013 on public interest grounds following an investigation by the Insolvency Service.

Debt Help Direct Limited (DHD) and Money Worries Limited (MW), both based in Wilmslow, Cheshire were wound up for taking money from clients but failing to pass it on to creditors as expected.

The petition to wind up the companies was brought on behalf of the Secretary of State for Business, Innovation and Skills.

The investigation showed that both companies targeted people who were unable to pay their debts and set up debt management plans in which the clients paid a regular amount to be distributed to the creditors.

However, the investigation showed that, even though between them, the companies received over £1.3m from clients in a two-month period in early 2013, a large proportion appeared not to have been paid to the creditors. Furthermore, DHD owed over £125,000 in overdue tax to HM Revenue and Customs , while MW owed just over £420,000.

Commenting on the case, Alex Deane, an Investigation Supervisor with The Insolvency Service said:

“These companies targeted individuals who were already in severe financial difficulties and the ‘services’ provided by these companies simply made matters much worse.
They claimed to offer a service and failed to deliver. The winding up orders should serve as a warning that the Insolvency Service will crack down on companies that operate in this way.

The Insolvency Service recently launched proposals for a debt management plan protocol to ensure that consumers who pay for advice and assistance with managing their debts are protected.


Notes to Editors

1. Debt Help Direct Ltd was incorporated on 3rd November 2008 and its registered office was at Bank House, The Paddock, Handforth, Wilmslow, Cheshire, SK9 3HQ.
2. Money Worries Limited was incorporated on 16th May 2002 and its registered office was at Bank House, The Paddock, Handforth, Wilmslow, Cheshire, SK9 3HQ.
3. The petition to wind up the company in the public interest was presented to the High Court under s124A of the Insolvency Act 1986 on 10 April 2013 following confidential enquiries carried out by Company Investigations under section 447 of the Companies Act 1985, as amended. A Provisional Liquidator was appointed to the companies on 12th April 2013 and the companies were wound up on 3rd June 2013.
4. Company Investigations Live
Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Innovation & Skills (BIS).
Further information about live company investigations can be found on our website at http://www.bis.gov.uk/insolvency/Companies/company-investigation.
5. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. The Service also authorises and regulates the insolvency profession; deals with disqualification of directors in corporate failures; assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; provides banking and investment services for bankruptcy and liquidation estate funds; and advises ministers and other government departments on insolvency law and practice. Further information about the work of The Insolvency Service is available from www.bis.gov.uk/insolvency.%206
6. The Insolvency Service has oversight of the DMP Protocol, which was announced on 7 February 2013. The Service aims to be ready to accept applications from Providers claiming to be Protocol compliant by October 2013. The press release announcing the debt management plan protocol can be viewed at: http://news-insolvency.bis.gov.uk/Press-Releases/NEW-PROTECTIONS-TO-HELP-CONSUMERS-PAYING-FOR-DEBT-MANAGEMENT-ADVICE-68758.aspx
7. By virtue of the winding up order all public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, The Insolvency Service, 2nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531. Email: [EMAIL="piu.north@insolvency.gsi.gov.uk"]piu.north@insolvency.gsi.gov.uk[/EMAIL]
8. You can now subscribe to get e-mail alerts from The Insolvency Service. To subscribe, go to our website http://www.bis.gov.uk/insolvency/news and you will see a button to “sign up for email alerts and newsletters” or click on the link below and follow the instructions:
https://public.govdelivery.com/accounts/UKBIS/subscriber/new


Contact Information

Name Ade Daramy
Job Title Mr
Division Insolvency Service
Phone 020 7596 6187

Email [EMAIL="ade.daramy@insolvency.gsi.gov.uk"]ade.daramy@insolvency.gsi.gov.uk[/EMAIL]

Name Kathryn Montague
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Email[EMAIL="kathryn.montague@insolvency.gsi.gov.uk"] kathryn.montague@insolvency.gsi.gov.uk[/EMAIL]

Name Sarah Weaver
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Email [EMAIL="Sarah.Weaver@insolvency.gsi.gov.uk"]Sarah.Weaver@insolvency.gsi.gov.uk[/EMAIL]