TCF brokers will be paid commission, says buyer
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ANDY MOODY, NOT MOVING TO HAMILTON LOCKE
Mortgage brokers have been told they will receive all the commission they are owed following the sale of TCF Debt Solutions’ assets to another firm.
TCF Debt Solutions has sold its assets for an undisclosed sum to the Fidelitas Group, trading as Hamilton Locke. The firm is a part of the MoneyPlus Group.
Chris Davis, chief executive of the MoneyPlus Group, told brokers on Friday that they would receive all the commission they are owed.
He says: “We will pay brokers all outstanding commission. It’s not a requirement of the deal but we are offering to pay as a goodwill gesture.”
The existing client base will transfer to Hamilton Locke, but Davis says the name TCF Debt Solutions has not been bought.
In April 2009 TCF Debt Solutions said it was opening 70 new broker agencies a week as the demand for debt solutions grew.
One broker, who had an agency with TCF Debt Solutions, says: “There were signs that things were not right when dates of commission payments started to fluctuate.
“I knew something was wrong.”
It is not known what will happen to TCF Debt Solutions but Davis says that Andy Moody, managing director of the company, has not joined Hamilton Locke.
It is believed that several redundancies have been made at TCF Debt Solutions but some staff have transferred to the new firm. A separate company, TCF Debt Solutions.co.uk, is registered at the same offices as TCF Debt Solutions (UK). It requested a change of name at Companies House on July 20 to Loxley Jones Ltd.
TCF Debt Solutions launched at the Mortgage Business Expo in November 2008 headed by Moody, former managing director of Loanoptions.co.uk.
Moody left behind liabilities of £378,580 when he closed Loanoptions.co.uk in August 2008. He then relaunched the firm as Loan Options before it closed again in June 2009.
MS could not reach Moody for comment.
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