All Debt Management Companies (DMCs) wishing to continue offering regulated debt management activity must by now have applied to the Financial Conduct Authority for full authorisation.
If the firm you are dealing with has chosen not to apply this means they are no longer allowed to offer debt advice or set up Debt Management Plans.
The Money Advice Service has published a list of Debt Management Companies who are no longer able to maintain your Debt Management Plan because they have chosen not to apply to the Financial Conduct Authority.
A list of those DMCs can be found here:
Some firms on this list may have sold their client database to another company and they may now be administering your Debt Management Plan. If you want to be sure the firm you are working with is authorised by the Financial Conduct Authority you can check the Consumer Credit Register by following this link:
It is important to understand that if you are in a debt management plan with an affected DMC you may need to make new repayment arrangements and we would suggest approaching one of the free debt advice agencies such as Stepchange, Citizen’s Advice or PayPlan.
More information, including support and guidance, is available on the Money Advice Service website (www.moneyadviceservice.org.uk).
Novaloans Ltd understands this may be a difficult time for those seeking to repay their debts through a debt management plan with affected DMCs and we will be doing all we can to treat you sympathetically and support your efforts to re-establish payments to us with the minimum of disruption.
There are various contact points to help you. You can speak to one of our advisers on 0113 887 3434 or email firstname.lastname@example.org. More information can be found on the MAS website, as above.
You can contact one of the free debt management companies direct, such as: