On 24 March 2017, Debt Release Direct Limited (‘‘DRD’) ceased trading whereupon Ben Woolrych and Anthony Collier of FRP Advisory LLP together with Paul Boyle and Tom Bowes of Harrisons Business Recovery and Insolvency Limited were appointed as Joint Administrators.
Please see below for further information.
Information for former customers:
Prior to the appointment of the Joint Administrators, DRD concluded that it was no longer in a position to manage existing DMPs and entered into an agreement with an alternative provider to provide advice on a new DMP or other solution appropriate to the customer's circumstances.
All former customers of DRD should have received confirmation of the alternative provider however if you are unsure of who you should now contact in relation to exploring a new DMP, please email firstname.lastname@example.org.
For free and impartial advice or if you would like to discuss any debt solutions, please contact the Money Advice Service on 0800 138 7777 or visit www.moneyadviceservice.org.uk/debt-management.
Frequently asked questions
What is an Administration?
An Administration is a process through which an Administrator is appointed to manage the affairs, business and property of a Company.
The Joint Administrators' role is to manage the orderly wind down of the Company and realise any remaining assets for the benefit of the creditors of the Company.
Can I still have a DMP with DRD?
DRD is no longer trading and therefore cannot offer DMPs to consumers.
What should I do now?
Your DMP has not automatically transferred to a new provider.
You need to decide whether to seek free debt advice or whether you wish to explore a new DMP with a fee charging DMP Provider or if another solution is right for you.
How do I contact the Money Advice Service (‘MAS’)?
MAS can be accessed at www.moneyadviceservice.org.uk/debt-management or by phone on 0800 138 7777.
Calls cost no more than a standard UK wide number.
How do I know who my contact information and details of my existing plan were provided to?
You should have received a letter from DRD prior to the Administration about this.
If you haven't received a letter from DRD or are unsure of your position, please email email@example.com.
I am due to make a payment, what should I do?
You should not make further payments to DRD.
If you are due to make a payment by standing order, you should make immediate arrangements to cancel your standing order with your bank or building society.
If your payment is taken automatically through a Continuous Payment Authority or CPA, the payment will not be called for by DRD.
If you pay by Bank Giro Credit, no further payments should be made over the counter.
What happens with money I have paid over to DRD?
Any payments that were made and cleared prior to the appointment of the Joint Administrators should have been processed in the usual way to your creditors.
If you are unsure whether payments have been made to your creditors, please email firstname.lastname@example.org.
Any un-cleared payments and balances held will be reconciled by the Joint Administrators who will work in consultation with the FCA, to repay the relevant sums to you, where appropriate.
Will there be a further fee or charges for setting up a new DMP?
If you enter into a new DMP, your new provider will discuss their fees and charges with you.
Alternatively, you may wish to contact MAS who offer debt advice free of charge.
Information for creditors
If you are a creditor of a customer who had a DMP with DRD, as detailed above, all customers have been advised to contact the Money Advice Service or consider a new DMP with an alternative provider.
If you are a trade creditor and are owed monies by DRD in respect of services or goods supplied, you will shortly be receiving a letter from the Joint Administrators confirming what you are required to do to lodge details of your claim.
Any press enquiries should be directed to Morgan Rossiter on 0203 195 3240.