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More Debt Advice Links

The Money Advice Consultancy Ltd is run by Breandan Flynn and Michael Paterson[1]

Until July this year, Money Advice Consultancy Ltd was an appointed representative to Promethean Finance[2] and their trading name was the debtcompany.co.uk. According to their website[3] The Debt Company use their ‘extensive’ experience to “ensure we clearly explain your options, and take you through the process of applying for the right debt solution that suits you.”


The Debt Company do not charge for advice or directly provide debt solution products; but offer referrals to trusted providers of appropriate solutions and receive a referral fee from debt solution providers for any successful customer referrals.


Yet Money Advice Consultancy Ltd refers customers to Hanover Insolvency Limited for Individual Voluntary Arrangements and Protected Trust Deeds, while all other solutions are referred to Stepchange, Payplan, Citizens Advice or The Money Advice Service, so while a lot of customer data is being amassed, referral fees are presumably only provided by Hanover.


Michael Paterson (DOB Feb 76) has been a director of Money Advice Consultancy Ltd (formerly MP Insolvency Ltd) since 2012 with the exception of a 12 month spell in 2015/16.


Mr Paterson (DOB Feb 76) also used the same service address to set up the claims management company, MP Claims Ltd in 2012[4] however in 2014, HMRC petitioned for the company to be wound under the provisions of The Insolvency Act and a further application was processed which deferred the company’s dissolution until May 2020.


Circumstances where the official receiver would apply for a deferred dissolution include: cases where an administrative receiver or Law of Property Act receiver have been appointed, where there are further enquiries, where an insurance claim is in progress and where there is a claim for personal injury. [5]


Debt advice from an insolvent CMC?? Really??



[1] https://beta.companieshouse.gov.uk/company/08000969/officers


[2] https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000002NJkSMAA1


[3] https://thedebtcompany.co.uk/


[4] https://beta.companieshouse.gov.uk/company/08021395/filing-history


[5] https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch37-48/chapter38/part5/part_5.htm

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