Chris Laverty, Trevor OSullivan and Helen Dale of Grant Thornton UK LLP were appointed as Joint Administrators of MMP Financial Limited on 9 December 2019.

Swift Sterling and My Money Partner are no longer accepting loan applications for new or existing customers.

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    Customer

  • Do I still need to repay my loan?

    Yes. The terms and conditions of all loans remain as agreed when the loan was taken out and payment is due in line with the agreement to MMP Financial Limited (in administration). This applies to all loan products (Swift Sterling and My Money Partner).

  • What will happen if I don’t repay my loan on time?

    The terms and conditions remain as agreed when the loan was taken out.

  • Can I take out a new loan or add additional funds to my existing loan?

    The Administrators are unable to provide further lending from the date of the administration appointment.

  • I can’t afford to repay my loan. What should I do?

    If you can’t repay your loan on time, please call the Customer Support team on 020 3808 3528 for Swift Sterling and 01753 376442 for My Money Partner. You can also get in contact at payments@mymoneypartner.co.uk or payments@swiftsterling.co.uk depending on your loan provider. You can also access additional support through the following links:

    Sources of Free Money Advice
    Organisation When Contact Details Hours of Help Advice/Services Where
    STEP CHANGE DEBT CHARITY You've got surplus income once your priority debts are paid and prefer an adviser to negotiate with creditors on your behalf. www.stepchange.org

    1: 0800 138 1111
    Mon to Fri 8am to 8pm; Sat 8am - 4pm Debt Management Plan and insolvency advice
    Online Debt Remedy self help tool
    UK
    NATIONAL DEBTLINE You'd like advice on how to deal with debt problems and you're happy to speak to creditors yourself. www.nationaldebtline.co.uk

    1: 0808 808 4000
    Mon to Fri 9am to 9pm; Sat 9:30am - 1pm Budgeting, debt solutions and free self-help information pack
    My Money Steps - online self-help tool
    England, Scotland & Wales
    CITIZENS ADVICE BUREAU You're in serious financial difficulties and you'd prefer face-to-face help from an adviser. Face to face - search online for local Citizens Advice Bureau

    www.adviceguide.org.uk
    Times Vary depending on branch Advice on managing your money
    Budget planner
    England, Scotland & Wales

  • How do I repay my loan?

    Your loan should be repaid as arranged when it was taken out. For more information on repayment arrangements, Continuous Payment Authority and alternative payment methods, please contact the Payments Team at payments@mymoneypartner.co.uk or payments@swiftsterling.co.uk depending on your loan provider.

    There will be no change to the bank details to which you should make payment. If you receive any requests to make payment to an alternative account, please inform our Customer Support team straight away on 020 3808 3528.

    Never give personal or account details to anyone who contacts you unexpectedly. We will never ask for your bank details.

  • I need to talk to someone about my loan or I have a question which is not answered here

    If your question is not covered by this FAQ section, please contact Customer Support on 020 3808 3528 . The call centre will remain open as normal, but please be aware that we will be handling a high number of calls and your wait may be longer than usual. Please note that the call centre will not be able to answer any questions related to anything outside of standard service enquiries.

  • Will I still be able to access my account during the administration?

    The Administrators will continue to provide access to the website and customer account information to allow you to access your account.

  • What should I do if I have information about the Company?

    We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

  • What can I do if my question has not been answered in this FAQ section?

    If your question has not been answered in this FAQ section, please email your query to MMPFinancial@uk.gt.com.

    The Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

  • Administration

  • What is an administration?

    An administration is an insolvency procedure regulated by the Insolvency Act 1986. The Administrator’s role is to realise the assets and distribute them for the benefit of creditors.

    The administration will last for an initial period of 12 months but may be extended.

    The Administrator will provide regular updates to creditors. Any persons or companies who believe they are a creditor of a company in administration should send their claims to the Administrator.

  • Why has the Company entered into administration?

    The directors of the Company filed their application for an administration order on 9 December 2019. We are working to understand the factors which contributed to the Company’s insolvency and will provide an update in due course.

  • Who are the administrators/Grant Thornton UK LLP?

    Chris Laverty, Trevor OSullivan and Helen Dale of Grant Thornton UK LLP, were appointed as Administrators by the Court following an application to Court by the Company.

    Whilst the directors of the Company made the application for the appointment of administrators, the FCA consented to the appointment of the named Administrators.

    The administrators are qualified insolvency practitioners, regulated by the Insolvency Practitioners Association. The Administrators act independently of the Company and the directors for the benefit of all creditors and stakeholders. Their primary concern and mandate is to ensure that they maximise the returns to investors and trade creditors alike.

    Grant Thornton UK LLP is one of the world’s leading organisations of independent assurance, tax and advisory firms. The firm has over 190 partners and employs 4,500 people in the UK across 26 offices. We are part of a global network of 50,000 people in over 135 countries.

  • Are the administrators in contact with the FCA?

    Yes. The administrators are in regular contact with the FCA and the FCA consented to Chris Laverty, Trevor OSullivan and Helen Dale being appointed as administrators of the Company.

  • How will my data be protected in this administration process?

    As part of our role as administrators, we may need to access and use data relating to borrowers. In doing so, we must abide by data protection requirements.

    Information about the way we will use, and store personal data can be found at:

    https://www.swiftsterling.co.uk/Information/PrivacyPolicy

    Supplemented by Clause 10 of Grant Thornton’s terms and conditions at:

    https://www.grantthornton.co.uk/globalassets/1.-member-firms/united-kingdom/pdf/search/terms-conditions.pdf

    It is important that you read the terms and conditions so that you are aware of how and why we are using your data.

  • What should I do if I have information about the Company?

    We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

  • What can I do if my question has not been answered in this FAQ section?

    If your question has not been answered in this FAQ section, please email your query to MMPFinancial@uk.gt.com. The administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.

  • When will I receive what I am owed?

    After your claim has been assessed, if your claim is agreed by the Administrators you will be an unsecured creditor of the Company and will be owed a distribution once all assets have been sold or realised.

    Distributions to creditors are made in the following order:

    The costs of realising assets will be paid first. Any amounts owing to secured creditors are then settled, followed by employee claims and unsecured claims (such as providers of goods and services and redress claims). If, after paying the costs and amounts due to the secured creditors, there are insufficient funds to pay all remaining claims in full then creditors will receive a proportion of their claim.

    Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of MMP Financial Limited’s assets have been sold or realised and certain costs and deductions have been taken into account.

  • Redress

  • Am I eligible to make a claim?

    If you believe that you were provided with an unaffordable loan(s) through Swift Sterling or My Money Partner you may have an eligible claim.

  • What is an “unaffordable loan”

    The unaffordability of a loan will be assessed by the Administrators, looking at criteria of the loan at the time it was taken out by the customer.

    For more information, we suggest you visit guidance notes from the Financial Ombudsman: https://www.financial-ombudsman.org.uk/publications/technical_notes/payday-lending.html.

  • How do I make an unaffordability claim?

    If you believe you are eligible, you can make a claim through our Customer Support team at customercare@mymoneypartner.co.uk or customercare@swiftsterling.co.uk depending on your loan provider.

  • I have an unaffordability claim which I have not yet submitted, what should I do?

    If you are a customer and believe you were sold an unaffordable loan (either Swift Sterling or My Money Partner), but have not received any communications from them, please contact the Customer Support team on 020 3808 3528. The call centre will remain open as normal but please be aware that we will be handling a high number of calls and your wait may be longer than usual.

  • Do I need to use a Claims Management Agency (CMA) to make my claim?

    No. You can make claims directly to the Company.

    A Claims Management Company (CMC) can also help you submit a claim. It is up to you if you want to use one. If you decide to use a CMC, please make sure you understand the scope of their services and how much the service will cost you before agreeing to its service.

  • If I have an unaffordability claim, when will I be paid?

    The Administrators will assess all redress claims during the course of the administration. No payments will be made until all of the assets have been sold or realised.

    The Administrators are working with MMP Financial Limited to identify whether, following determination of your claim, you can be notified of the status of your claim. Currently, we do not have a date for payment of any claims. Further updates on unaffordability claims will be posted to www.mmpfinancialukadministration.grantthornton.co.uk when available.

    Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of MMP Financial Limited’s assets have been sold or realised and certain costs and deductions have been taken into account.

  • I have already received confirmation that my unaffordability claim has been agreed and the amount that I will receive. When will I receive this?

    Claims for which a customer has not received payment but has been notified that they are entitled by a Final Response Letter (FRL) and have accepted the offer within it will now be considered as an unsecured creditor for the value of the FRL. Currently, we do not have a date for payment of any unsecured creditor claims. It is highly likely that the payment you receive will be much smaller than your claim amount. Further updates on unaffordable claims will be posted to www.mmpfinancialukadministration.grantthornton.co.uk when available.

  • Will the FSCS pay my claim if MMP Financial Limited does not?

    No, the FSCS do not cover claims under consumer credit agreements. See: https://www.fca.org.uk/publication/consultation/cp16-42.pdf.

  • If I have previously received a redress payment from the Company, can I claim again?

    You cannot be redressed twice for the same loan. If you previously received a redress payment from the Company, then the historic loans that were redressed at the time will not be considered again. If you took out further loans from the Company after your previous redress payment, then you may now submit a claim for these new loans if you believe these were unaffordable loans.

    Please be aware, if successful, the payment you receive will be considerably smaller than your accepted claim amount. This is because it is expected that the total value of all accepted claims received will significantly exceed the money available to be shared out. The money available to be shared out will not be known until all of MMP Financial Limited’s assets have been sold or realised and certain costs and deductions have been taken into account.

  • What should I do if I am approached by someone saying they work for MMP Financial Limited or Grant Thornton or the Joint Administrators and want to help me submit a claim?

    Customers will not be approached by any Grant Thornton or the Company staff directly to assist in submitting a claim.

    Do not give details of your claim to anyone who approaches you, alleging that he or she work for Grant Thornton or the Company, or otherwise. If you do require assistance or are unsure as to the validity of any correspondence, you have received please contact the Customer Support Team at customercare@mymoneypartner.co.uk or customercare@swiftsterling.co.uk depending on your loan provider.

  • What should I do if someone has indicated they can ensure I can get a higher claim amount, but I have to pay them a fee first?

    The Joint Administrators are under a duty to treat each claim equally. Every claim will therefore be assessed in the same way, irrespective of who submits the claim. As mentioned previously, customers do not need to use a Claims Management Company (CMC) or third party to submit a claim. Using a CMC or third party will not accelerate the claims process, nor entitle you to a higher claim amount. It may also expose you to charges that may be deducted from any final payment you might receive.

  • Will anyone ask for my bank details?

    We may ask you to confirm that your previous bank details are still valid and give you the opportunity to update your bank details (e.g. if you have closed/changed bank accounts), although further proof of ID and other supporting evidence will be required.

  • Supplier

  • I am owed money by MMP Financial Limited, what should I do?

    Check your contract. If your contract was with MMP Financial Limited and you have not been paid for goods or services provided, please provide details of your claim to the Administrator at:

    The Administrator of MMP Financial Limited

    Grant Thornton UK LLP

    30 Finsbury Square

    London

    EC2P 2YU

  • What should I do about orders that were placed before 9 December 2019 but not yet delivered?

    Please make contact with your usual contact at MMP Financial Limited in the first instance.

  • Do I need to continue to supply to the Company?

    ChrisThe Joint Administrators’ representatives will make contact with you if supply is required. Any goods or services which are supplied after the date of appointment will be subject to new terms, agreed with the Joint Administrators.

  • What should I do if I have information about the Company?

    We would be pleased to receive from any stakeholder any useful information concerning the Company, its dealing or conduct which may assist us.

  • What can I do if my question has not been answered in this FAQ section?

    If your question has not been answered in this FAQ section, please email your query to MMPFinancial@uk.gt.com. The Joint Administrators’ team will look at all individual queries. Please be aware that we are expecting a large volume of queries. You may therefore not receive an immediate response.