Somerset debt firm goes bust and director arrested

A Somerset based debt management company went bust leaving its clients owed about £600,000 and a 42 year-old man has been arrested.More than 80 people had given the money to DebtDr so it could arrange full and final settlements with their creditors.

Avon and Somerset Constabulary said a man was arrested on suspicion of fraud and has been released on bail.

DebtDr, based in South Petherton, was the trading name of Hermes Financial Solutions Ltd, which ceased trading in April.

For a fee, the company helped clients to pay off their creditors and, in many cases, took a lump sum from them to offer as a full and final settlement of their debts.

In many cases, clients borrowed the money to give to DebtDr to use in its negotiations with creditors.

Hermes Financial Solutions at South Petherton, Taunton TA13 was wound up in July of this year and a liquidator appointed.

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