- 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 private debt advice and planning, representing tens of thousands of people each year;
- The capital from OakNorth Bank will enable the business to invest in future growth and manage a surge in demand as consumers struggle with the increased cost of living;
- In its recently published Credit Conditions Survey, the Bank of England warned of rising defaults on household loans, with expectations of an increase by the end of November.
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a £6.5m business loan to MoneyPlus, one of the UK’s largest and most trusted providers of consumer debt advice.
Founded in 2010 and headquartered in Manchester, MoneyPlus helps heavily indebted consumers to get their finances back on track. The firm’s advisers negotiate with lenders to achieve reductions in customer debts which are subsequently addressed through affordable monthly repayment plans. Over the last 12 years, MoneyPlus has grown to become one of the UK’s largest providers of private debt advice and planning, representing tens of thousands of people each year.It is ranked amongst the top two commercial players in the debt management plan (DMP) space and has a 4.8-star rating from almost 3,000 reviews.
Since 2019, MoneyPlus has pursued a buy and build strategy, expanding its services portfolio and the overall scale of its operations. Last year, it secured an investment from Intriva Capital, an investment firm partnering with mid-market businesses throughout Western Europe. The capital from OakNorth Bank will enable the business to scale up its operations to manage an expected increase in demand over the next few years amidst the cost-of-living crisis.
Chris Davis, CEO and co-founder, commented: “Our mission is to help people live better lives, free from the anxieties and stress that come from being financially overstretched. As the cost-of-living crisis intensifies, we’re seeing a surge in new customers who have sadly fallen into arrears. This funding from OakNorth will enable us to build scale in our platform, helping thousands of additional people to emerge from a difficult economic period in a stronger and more secure position.”
Stewart Haworth, Debt Finance Director at OakNorth Bank, continued: “The combination of rising energy bills, ongoing supply chain issues, and residual Brexit and COVID-19 impact, is placing unparalleled pressure on UK consumers. Businesses such as MoneyPlus will play a vital role in supporting these consumers in navigating the financial challenges the next few months and years will present. With a proven management team and business model, MoneyPlus is ideally placed for market growth and managing the increased demand it will see for its services.”
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 £8.5B, directly helping with the creation of 36,000 new jobs and 25,000 new homes across the UK.
- Raised deposits from c.160,000 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.
Contact
Valentina Kristensen, Director, Growth & Communications – [email protected] / [email protected] / 0757 234 9009
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 unmangeable 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]