Exclusive: IFAs fear compensation bill for bust debtDr referrals

debtDr, which had about 60 debt consultants nationwide as well as a network of adviser introducers, charged clients to negotiate more manageable terms for their debts. Clients would then transfer full and final settlement money to the service, which it agreed to keep in separate client accounts to pay out to creditors. Some advisers and mortgage brokers, who had seen work dry up since the property crash, had opened up a side business in referring bankruptcy cases to the Somerset-based service in exchange for commission. Jeremy Hockley, the firm's chief executive, had also appeared ...