Creditfix, a personal insolvency practice, has this week (November 2) completed the acquisition of debt solutions provider Carrington Dean.
The sale will see Creditfix become the largest provider of trust deeds in Scotland. The business is already one of the largest individual voluntary arrangement (IVA) providers in the UK.
A trust deed is a legally binding arrangement in Scotland where a debtor makes reduced payments over four years. At the end of this time, a debtor’s unsecured debts are usually written off. An IVA is a similar solution for debtors living in England, Wales or Northern Ireland.
Carrington Dean will continue to trade under its existing name, but will receive support, improved operational efficiencies and on-going investment from Creditfix for the future of the business.
Pearse Flynn, chairman of Creditfix, said the acquisition is an exciting move for the business and will benefit the clients of Carrington Dean.
He added: “These individuals will see no changes to their own personal plans, but will benefit from Creditfix’s industry-leading customer service and debt advice.
“As the business moves forward, it’s paramount that our clients and customers continue to remain our central focus, as we strive to deliver the best support and advice to people struggling with their personal finances.”