Money Expert Group has taken on the debt management plans of Smooth Financial Consultants after it collapsed into administration.
Debt management firm Smooth Financial was subject to a winding-up petition on 25 July by a company called RPS RE A II LLP.
Alan Coleman and Rod Withinshaw of accountancy firm RPG were appointed as joint administrators of Smooth Financial on 2 August.
Money Expert has subsequently taken on responsibility for Smooth Financial’s debt management plan portfolio, which will be overseen by Money Expert’s debt management arm House & Home Care Ltd operating under the name Immediate Financial.
Money Expert has contacted customers of Smooth Financial asking them to sign a Letter of Authority which will authorise Immediate Financial to act as their representatives to creditors and oversee their debt management plans.
The firm will also assume control of the Smooth Financial bank account, according to documents seen by Credit Today.
A High Court hearing relating to the original winding-up petition was scheduled for 19 August. It is not clear whether that hearing will go ahead now that Smooth Financial is in administration.
By Alex Cardno