DCM Nottingham / DCM Money Solutions in administration?

NeutralObserver wrote: »

Mike from Wales,

I apologise about the 'grudge' comment. You have every right to hold a grudge and be very angry at whats happened to you and all the other DCM / Debt Dr clients. I was trying to say that I would imagine all victims would rather be debt free first, then seek retribution second.
I think it's very nice that Cleardebt come on this forum championing the way they are 'assisting' the book of clients they have purchased from DCM - but can they not do more? They have released statistics showing that the majority of clients were less than 50% of the way through their plans - couldn't a deal be done in the circumstances whereby creditors show 'debt forgiveness' in light of what's happened - and allow the clients to pay off their debt plans at the agreed level and then write off the rest? Isn't this how an IVA works anyway? I understand the creditors will then complain that they will lose out - but come on these are extenuating circumstances. Cleardebt have already said themselves that they've had 5p in the pound accepted on IVAs - so if people were to continue to finsh their plans at the agreed level with more than 50% left to go - this would mean creditors would get more than 50p in the pound from a majority of the clients wouldn't they? And I bet 50% of most of these peoples debts is made up of interest and charges anyway. Whatever happens, I wish all the victims all the best

apology accepted regarding the grudge comment, i merely point out the fact that most people would have paid there plans off and more.

Yes IVA's 5p in the £, they have to pay this over a five year period and if complete after 5 years then the rest gets paid off.

The clear fact is that most have already paid and this money has been disappearing for sometime.

I applaud cleardebt for what they have done upto now, certainly helping both the media, and the administrator.

I do feel however that the debt industry as a whole owes a moral duty to correct what has happened, when you have people like the directors of DCM whom have abused their positions and have prayed on people who have tried to do the honorable thing by getting themselves out of debt.

I think cleardebt could do more before they are allowed to claim the moral high ground by saying they are doing all they can to help DCM
clients.

If they do not want the kind of regulation that is bound to be coming on the back of DCM and debtdr situations then the only way in which to avoid such intrusive legislation is to show that they can put right the wrongs of companies that are operating in their industry with less than honorable intentions and where necessary highlight to the authorities where they suspect malpractice is occuring before it is too late.

There needs to be the "NO SCHOOL TIE POLICY" adopted in the industry instead of the "HEAR NO EVIL SEE NO EVIL SPEAK NO EVIL" because clearly people knew what was going on well before these people had over indulged themselves with other peoples money

maggiesaes wrote: »

I think we claim for what should be in our accounts but DCM were very loathe to send statements of this and I wonder if this information has been shredded or the administrator has it.
I am fortunate in that I know that there was a balance £1400 in my account and I had requested a refund and was told a cheque had been raised.
Of course I have no paperwork to PROVE this
Needless to say the cheque never arrived and I cancelled my SO the day before they went into administartion.
Cheques they had sent to creditors during their last month trading were returned unpaid.

do you have any paperwork stating that they were going to send a cheque.

Other than that i can help you putting you claim together.

Do you still have to debt levels at DCM commencement and termination. Also can you get the bank information as to how much went to DCM. If so i can help you with the spreadsheet i got.

If not what have you got. I can see if i can put a claim together with what you got

To all the representatives to all the debt management companies that are undoubtfully reading this thread, before i go quiet for a little while heres a LITTLE point i wish to raise in connection with the last paragraph of post 477. It would be very good to take notice of this bit of advice.

We are currently going through tougth economic times and these times will provide you with an abundance of clients, unfortunately for you this part the business cycle will not last forever. So what you have to understand is this.

When times get better the number of clients you can potentially have will reduce and when they do reduce you will have to fight a lot harder and longer to get them.

Might i suggest you treat your clients well in these tough times because when the time comes when things get better thats when your recession will come.

People dont have the short memories that you think, not in the internet age.

just a thought

Links Worth Viewing

http://www.prnewswire.com/news-releases/failed-debt-management-firm-dcm-money-solutions-leaves-consumers-with-debts-reduced-by-just-3-percent-120852504.html

http://www.guardian.co.uk/money/2011/apr/09/dcm-apex-debt-management-bust

maggiesaes wrote: »

Thank you Shaney.

what information do you have.

Lets me see what i can do to put something together for you.

PM me okay