Money Advice Group, one of the UK’s leading financial solutions companies, has acquired No Debt Now, a debt management company based in the North West.
The No Debt Now purchase comes on the back of Money Advice Group’s recent £10 million credit facility deal with PNC Business Credit, and is the first whole share acquisition to be announced as a result of it.
Founded in 2008, No Debt Now has over 1000 clients and employs 12 staff members, all of whom will be moved to Money Advice Group headquarters, to operate under the Group’s name. A member of DEMSA, No Debt Now boasts an exemplarily reputation within the industry, with a well-trained, high quality employee base, making it an attractive opportunity for Money Advice Group, in terms of both client, and staff, integration. With a significant staff to client ratio and a minimum growth projection, No Debt Now owner and managing director, Michael Paterson took the decision to sell to Money Advice Group in April this year.
Completed in just under five weeks, the No Debt Now deal benefitted from Money Advice Group’s strong IT infrastructure and staffing structure whereby a smooth transition for staff and clients is guaranteed – testament to Money Advice Group’s commitment to its wider growth strategy, in which it hopes to grow its market share by a third, through similar deals such as this.
Simon Brown, Group Managing Director, Money Advice Group commented on the acquisition, and what it means for the company:
“We are delighted to announce the acquisition of No Debt Now. We see many synergies between it and Money Advice Group, specifically its highly compliant ethos and the investment it has made in staff training and development; meaning its clients and staff will fit naturally within the Money Advice Group family.
“In an industry where compliance is often an issue, it is refreshing to be met with such an attractive proposition. With an infrastructure such as ours in place however, we remain open to all other negotiations, and are confident in Money Advice Group’s ability to assist other companies, who perhaps are at a juncture in terms of pathway, given the new OFT regulations.”
Michael Paterson, MD and owner, No Debt Now said:
“It was a pleasure working with Money Advice Group to agree this deal. It took only a five-week period from the initial conversation to completion. The speed at which Simon and the team worked and the support they provided us is a credit to Money Advice Group and confirmed for us, that our clients and staff would be in good hands. Often with deals of this kind, negotiations can go back and forth for months, but Simon and the team were as up-front and credible as they could be. They conducted their business with us, the same way they conduct their relationships with clients throughout the Group companies – and it’s testimony to the Group’s continuing success. A great company to do business with, and to leave our clients and staff in the capable hands of.”
ENDS
Money Pros: Pay off credit cards first, before tackling a home equity loan - New York Daily News
The Money Pros are standing by to take your questions.
Q. I recently came into some extra money ($5,000) and want to use it to pay off some debts.
I have numerous credit cards, most of them with balances below $500, but they have high APRs.
I also have a home equity loan of just below $12,000 with an APR of 4.75%. It has three and a half years left on it. My payment for that loan is $300 a month.
What do you suggest I use my money for? Do I pay down, or off, the credit cards, or keep paying down the home equity loan?
A. While your home equity loan may be tax deductible, your credit cards are not.
By holding on to them, you are accumulating higher costs for the items you bought. I suspect that your credit cards have a higher rate than the 4.75% you are paying on your home loan. Therefore it is wise to repay the credit cards first.
Within this group, I suggest you retire the debt on some of the cards. Pick the highest rates, pay them off first, and cut the cards up.
No need to close the cards since the rating agency looks at the value of your outstanding debt and your available credit.
If you have money left at the end, begin an emergency fund with the balance.
In the future, try to spend money you have available. By not using credit cards or by paying them off immediately, you will avoid racking up high interest rate charge and gain better control of your finances.
Since you came into an unexpected $5,000, pat yourself on the back and take your loved ones out to dinner to celebrate. Spend no more than $100, while you still have that debt.
Karen Altfest
Karen Altfest is a certified financial planner and a principal advisor at Altfest Personal Wealth Management.
Do you have a question for the Money Pros? Send it to Phyllis Furman at pfurman@nydailynews.com.
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