Bank completes £6.5M funding to Manchester-based consumer debt advice provider, MoneyPlus, to support future growth amidst cost-of-living crisis
Summary
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 UKs 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 \xa36.5m loan to MoneyPlus, one of the UKs 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. Over the last 12 years, MoneyPlus has grown to become one of the UKs 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. 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. 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.Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UKs Missing Middle.Since its launch, the bank has: None Lent over \xa38.5B, directly helping with the creation of 36,000 new jobs and 25,000 new homes across the UK. 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.
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