Manchester-based consumer debt advice provider, MoneyPlus, to accelerate growth following a significant loan upsize from OakNorth Bank

 

  • Founded in 2010, MoneyPlus provides debt advice to individuals struggling with their finances, as well as legal services, to help people live better lives;
  • Headquartered in Manchester, the business is now one of the UK’s largest providers of consumer debt advice and planning, representing tens of thousands of people each year;
  • OakNorth initially provided a £6.5m loan to the group in September 2022 to support future growth amidst the cost-of-living crisis and economic climate driving record-breaking consumer demand;
  • The material loan upsize from OakNorth will accelerate MoneyPlus’ growth even further by powering the group’s latest customer and talent acquisition programmes, following an increase in demand for its specialist services.

OakNorth Bank, the neobank for entrepreneurs, by entrepreneurs, has provided a significant loan upsize to returning customer, MoneyPlus, one of the UK’s largest and most trusted providers of consumer debt advice.

Founded in 2010 and headquartered in Manchester, MoneyPlus provides advice and support to heavily indebted consumers to get their finances and credit profiles back on track. The firm’s advisers negotiate with lenders to achieve reductions in customer debts which are subsequently addressed through fully budgeted monthly repayment plans. Over the last 13 years, MoneyPlus has grown to become one of the UK’s largest providers of private debt advice and planning, including debt management plans (DMPs) and individual voluntary arrangements (IVAs), representing tens of thousands of people each year. It is ranked amongst the top commercial players in the space and has a 4.8-star rating from almost 3,000 entries on Reviews.io.

OakNorth initially provided a £6.5m loan to the group in September 2022, which enabled the business to scale up its operations to manage an increase in demand for its services amidst the cost-of-living crisis. Following an increase in demand for its specialist services, the upsized funding line from OakNorth will accelerate MoneyPlus’ growth even further by powering the group’s latest customer and talent acquisition programmes.

Chris Davis, CEO and co-founder of MoneyPlus, commented: “At MoneyPlus, our services have helped to make life less complicated and expensive for thousands of people since our launch over a decade ago. We take pride in offering financial services that can help consumers overcome their troubles with debt once and for all, in addition to providing jargon free legal support that ensures someone is always on their side. As we continued to see a heightened demand for our services in 2023, which saw the demand for our services increase by more than 200%, we knew we could turn to Stewart and the team at OakNorth once again to provide us with the capital we needed to further accelerate our growth – both in terms of customer numbers and staff headcount. The speed at which they worked was key to getting the transaction over the line, meaning we are now perfectly positioned to support more people get themselves into a better financial position. ”

Stewart Haworth, Director of Debt Finance at OakNorth Bank, added: “As individuals and families across the UK continue to struggle with the cost of living and a high inflationary environment, the services that firms such as MoneyPlus offer become even more vital. As a result of its proven management team led by Chris and his senior partners, we were delighted to once again provide funding to support the group’s ambitious growth strategy. Looking forward, MoneyPlus are in a strong position to help more consumers than ever before relieve the financial baggage that comes with day-to-day life, and we look forward to supporting them again in the future.”

 

ENDS

Notes to editors

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

  • Lent over £9.5bn, directly helping with the creation of 39,000 new jobs and 28,000 new homes across the UK.
  • Raised deposits from c.175,000 savers. 
  • Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Visit www.oaknorth.co.uk for more information.

Media contact

Tom Pavey-Smith, Associate Director, Growth & Communications – [email protected] / [email protected] / 0791 716 5588

About MoneyPlus

MoneyPlus is a debt advice service that helps people to get their finances back on track.

The firm’s expert advisers take customers through a rigorous process to understand their circumstances in detail. Once a full picture has been pieced together, MoneyPlus will contact lenders and negotiate hard on behalf of their customers to achieve a manageable debt repayment plan, during which the customer will see a huge saving in interest and charges as well as the cessation of collection activity on the part of creditors – often a huge cause of anxiety and stress for an individual.

MoneyPlus take pride in providing customers with the highest level of service. The company has helped tens of thousands of people overcome the stress, anguish and sense of hopelessness that can come with unmanageable levels of personal debt.

In addition to its core debt advice business, MoneyPlus operates a law firm that specialises in bringing about cases against lenders relating to breaches of consumer legislation.

MoneyPlus Group is headquartered in Manchester. Its services are regulated by the Financial Conduct Authority and the Solicitors Regulation Authority respectively.

Contact

Chris Davis – [email protected]

 

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