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R3...It's A Magic Number

There is a reason why GDP Partnership are members of R3, the UK’s leading professional association for insolvency, business recovery and turnaround specialists in the UK. R3 promotes the best practices for professionals working with financially troubled individuals and businesses in the UK.

Full members of R3 are experienced and professionally qualified professionals who are able to advise and work with underperforming and financially distressed businesses and individuals. R3 itself raises awareness with individuals and businesses on the key benefits in obtaining financial advice and providing greater information to wider audiences. They embody the GDP Equity Experts mantra of providing Real Honest Expert Advice.

GDP Equity Experts is a trading style of GDP Partnership, the only FULLY AUTHORISED Financial Conduct Authority business in Northern Ireland… and one of few in the whole of the UK. GDP Partnership is also the only practice in Northern Ireland who are members of the prestigious R3 that are not Insolvency Practitioners.

Why is this important? GDP Equity Experts advise on alternative debt solutions – debt adjusting and debt counselling. Our primary objective is to educate our clients, empower them, manage realistic expectations and negotiate with their lender terms for the discharge of debt outside of the formal insolvency processes.

We have pioneered this process in the local market place…we call it Debt Mediation…and given our authorisations, credibility, experience and solutions obtained for clients to date, we are the undisputed market leaders in Northern Ireland.

In Northern Ireland there are other companies and individuals who attempt to operate in this space, none of which are Fully Authorised by the Financial Conduct Authority and some of which have no professionals or regulation at all to provide regulated activities. It is a great thought that more people have access to help but sometimes these advisers’ genuine good intentions can do more harm than good to people’s financial position.

 This is of grave concern to GDP Equity Experts, our profession and R3 have taken action by recently releasing some guidance to its members on the risks to businesses and individuals when dealing with unregulated entities. There are some great case studies and information on what to look out for when you are taking advice on your debt scenario – more information on that can be found here.

One of the main problems highlighted in their guidance document is taking advice from unlicensed and unregulated organisations may in fact make your situation worse. There are extremely serious consequences if you rely on incorrect or misleading advice from other so called “experts”.

This is unfortunately something we at GDP Equity Experts come across all too often as customers often come to our office from other places after the broken promises, false hope and unrealistic expectations have been uncovered. It is never a nice feeling and we take no satisfaction in having to deliver the hard messages but we do so with empathy and a view to genuinely being able to help the customer.

The fact is, when dealing with an unlicensed or unregulated adviser, you have no guarantee of that person’s or organisation’s knowledge, skill or even whether you may be able to obtain compensation in the event of a complaint or challenge to their bad advice.

If you are faced with a debt challenge, it is important to always ask questions, seek all sources of advice and most importantly get independent Real Honest Expert Advice. The more financially aware you are, the better financial decisions you will make.

 GDP Partnership has no conflicts of interest – we’re only interested in helping you. Call us on (028) 92 444 555.

Darwin AllenComment