Award-winning Manchester-based debt management company, The Debt Advisor, is warning that thousands of people in debt across the North West could be left stranded and without any support in the New Year.
Insolvency practitioner and managing director of The Debt Advisor, Bev Budsworth, is making the claims as the Financial Conduct Authority’s (FCA) New Year’s Eve deadline for North West-based debt solutions practices to gain authorisation draws closer.
Bev explained: “The FCA requires all North West debt practices to submit their application for full FCA authorisation by 31st December. Those who fail to meet this deadline will no longer be able to carry out regulated activities, which includes debt management plans, and their customers will be left without protection from their creditors and without a debt solution plan to pay off their debts.
“I’m worried that thousands of people with serious levels of debt across the North West could be left stranded come the New Year.
“Hopefully this won’t happen but if people do find themselves out in the cold this January, they mustn’t panic. There are a number of regulated practices across the North West who are FCA authorised and people can check who they are on the Financial Services Register.
“People should take time, do their research, check that the practice is FCA regulated and only sign-up to a debt solution which is appropriate for their circumstances. There are also a range of free advice and services that people can find out more about these on the Money Advice Service website.”