DCM Nottingham / DCM Money Solutions in administration?

Grumpelstiltskin

The problem will be that the money you paid over will I guess have disappeared into thin air.

I know I keep on about Crown Currency Exchange but in that case the police are involved, directors have been arrested and bailed and investigations are on going all over Europe to see where monies went that customers had paid over.

I know it is different, people had paid money over for foreign currency that didn't arrive, but the principle is still the same.

maggiesaes

Similar in some ways to those who paid in for the Christmas Hampers a few years ago I suppose.

Well I've lodged my details with the administrator and can only hope for the best.

veritycowley

mikewjones_from_wales wrote: »

hi guys just rang "the ferret" (its wales's answer to watchdog) they are getting the story of me and my sister who was also with DCM. Everyone ring them they want everyones stories

Number is 02920590229

Lets get it on the news

Hi there, I've just spotted this thread, and seen you're looking to raise the issue with the media.

I'm a journalist at the BBC in Nottingham and wonder whether one of you may be able to contact me. My direct line in the office is 0115 9021 911. Or you can contact me on verity.cowley[at]bbc.co.uk.

All the best, Verity

Mothermercury30

In response to the above, I have contacted Verity, and Mark, her colleague:

Hi Mark

I write with reference to a contribution that your colleague, Verity, has left on the moneysavingexpert.com website, regarding a debt management company, DCM Money Solutions Ltd.

I entered into a debt management plan with DCM Money Solutions Ltd. In April 2009, after my debts became somewhat unmanageable after a fall in my monthly income. I was visited at home by one of their debt counsellors, who, after working out a monthly income and expenditure with me, told me that for a monthly payment of £200, the creditors would stop hassling me after approx. 5 months, and I would be debt free after approx. 10 years.

Two years later, and after countless calls from the debt collection agencies (Who inevitably bought my debts after my original credit agreements defaulted), I find out that DCM are now in administration, and after contacting my creditors, it appears that the £4500 I have paid to DCM, to distribute to my creditors, has not been paid.

Stories are rife about company directors that have been taking massive payouts from client funds, all paperwork being shredded, and as I live in ***** *****, it was impossible to do any local investigation, but the moneysavingexpert.com website appears to be corroborating these terrible stories.

You may well ask-Why didn't I question their practices? a number of reasons:

- I was assured that creditors would attempt dirty tricks to get money out of me- I should just ignore them, and refer them to DCM.

-£200 a month was a very affordable amount for me- when you're vulnerable, you don't question much.

-I was talked through the process that, when compared to the other debt management companies advertising online, seemed perfectly similar.

I am no idiot (Although I sure feel like one). I have two degrees, and if I can get taken in by these crooks, many many others will. I don't know if I'll see any of my money returned, but I hope that awareness can be raised in some way, as to the problems that can arise.

I have just entered into a new Debt Management Plan with Payplan, a free service, and although I am sceptical about debt management plans now, it cannot be a worse experience than the one I've just been through with DCM.

You are more than welcome to talk to me about this- my number is ***** ****** and my mobile is ***** ******.

I hope you can help.

Thanks

****** ******.

This is my little go. I'll keep you all posted as to how and if this develops.:)

maggiesaes

veritycowley wrote: »

Hi there, I've just spotted this thread, and seen you're looking to raise the issue with the media.

I'm a journalist at the BBC in Nottingham and wonder whether one of you may be able to contact me. My direct line in the office is 0115 9021 911. Or you can contact me on verity.cowley[at]bbc.co.uk.

All the best, Verity

Thanks for that-every little helps.

Mothermercury30

Hi all

Just to keep you posted- Verity Cowley has made contact with me- I'll keep you posted as to where this leads.

Hope you are all keeping bouyant. Far from letting these !!!!!! finish me, it's actually making me more determined than ever to clear my debt- and quicker. I haven't lost tens of thousands, but I have lost five grand- who on earth can afford to lose that?

Keep your collective chins up.:)

maggiesaes

Mothermercury30 wrote: »

Hi all

Just to keep you posted- Verity Cowley has made contact with me- I'll keep you posted as to where this leads.

Hope you are all keeping bouyant. Far from letting these !!!!!! finish me, it's actually making me more determined than ever to clear my debt- and quicker. I haven't lost tens of thousands, but I have lost five grand- who on earth can afford to lose that?

Keep your collective chins up.:)

You're right we can't afford to lose it and why should we/
But I'm afraid we've little chance of re-imbursement.

Mothermercury30

I agree. However, !!!!!! like these have a nasty habit of reinvention. We need to make sure that this is less of an option for them.

fermi

Just seen this.

CLICK ----> Daily Mirror - Stop the Debt Rogues: Sign our petition to get the debt industry regulated

Sourced from here: http://www.payplan.com/debt-news/2011/03/30/breaking-news-daily-mirror-stop-the-debt-rogues/

mikewjones_from_wales

Hi people, sorry about my absence. been busy.

Have spoken to the papers. I urge everyone effected to contact Nick at the Daily Mirror.

Look at todays Daily Mirror Page 33.

http://blogs.mirror.co.uk/investigations/2011/03/dcm-money-solutions-porkie-pie.html