DCM Nottingham / DCM Money Solutions in administration?

NeutralObserver

Stumbled upon this thread after searching for Debt Dr today whom I used to have dealings with many years ago... One solution could be that ClearDebt could honour the contracts given to the DCM Clients couldn't they? Afterall, they have purchased the book... In a deal done before the collapse? Did they sign a waiver that allowed them to squeeze any profit they could out of DCM clients by selling IVAs to all those they could sell to and not have to bother helping the rest? They have already stated that they want to be percieved as saviours of the DCM clients by offering them 'free' debt plans? So why not really be the saviours and honour their original contracts? Then, if justice is bought against the directors, great, but Im sure DCM clients would put being debt-free above holding grudges? Im sure Cleardebt could afford it... Arent they a Footsie listed company?

pompeyfaith

thats the OFT's job

And we all know what a waste of space they are.

mikewjones_from_wales

nicolette1979 wrote: »

hi there mike. Could you please help me with filling out the form i have about resolutions 1-6?? I dont know which ones i should be in favour or against as i dont really understand what its going on about. I did phone hjs recovery today and was put straight through to the main man dealing with it all. I asked if he could explain the resolutions 1-6 as i didnt really understand it. He said i had to look it all up myself,which i found rude as i needed his help.

I hope you can try to explian this to me cause i can then get it in the post.

Thankyou for your time......

Yes i can give you a hand.

I have a nice spreadsheet which you can use.

Will PM you now

Keep your chin up, loads of us on here and we are all in it together
okay

nicolette1979

Thankyou you very much for your time, that was very helpful. Iam starting to understand this a little better know.

tonyruk

dcm took my monthly payment after 2nd of march
am i right in thinking that i should get that back?
i have had nothing in post from hjs but had a email weds

mikewjones_from_wales

tonyruk wrote: »

dcm took my monthly payment after 2nd of march
am i right in thinking that i should get that back?
i have had nothing in post from hjs but had a email weds

All money they took after they went into administration is to be returned to you in full. Or thats what HJS are saying.

Shaney

I Reported them Rednelly and the OFT simply told me the following -


Under the Consumer Credit Act 1974 (‘the Act’), if a business wishes to be involved in activities relating to consumer credit or hire, including debt collection, they must have a consumer credit licence. The Office of Fair Trading (OFT) has duty to enforce the Act, including a duty to monitor the fitness of all traders that hold a consumer credit licence.

Upon checking the information provided in your email, it is not apparent whether this trader (DCM MONEY SOLUTIONS) holds a consumer credit licence.



Further more I should mention that the OFT has no authority to become involved in individual disputes between consumers and traders so we are unable to advise or help you with any problems you may be having with the trader. Should you require specialist, face-to-face assistance, or intervention, you may wish to seek legal advice either through a local Citizens' Advice Bureau or directly from a legal adviser.

mikewjones_from_wales

Right,

Firstly lets deal with your post 455.

Yes people would like to be debt free over any grudges provided that they were debt free in the same time period that they would have done should the DCM plan come to fruition. The clear FACT that many should have already paid off their plans makes for some serious grudges. Lets face it as you quite rightly put it, you are an employee of a company that deals with clients debts, you can in no way know how this feels unless you are in the position so unless you are please do not preach to people who are affected into not having grudges because the fact is that they have EVERY right to have them.

In post 461.

There seems a lot that i think is being misconstrued here.

Did cleardebt buy the book Yes they did this consisted of the client base.

Did they do this prior to the demise of DCM yes they did technically DCM are still trading in name only and cleardebt were looking to buy the book before DCM went. Only after they didnt want to buy the company as a whole did they not. Then once DCM called in the administrators did the administrators sell the book to cleardebt for £10,000. The reason why i suspect they didnt want to buy the company was that a lot of people were not in positions that they should have been. Had they bought the company they would have to have bought the liabilities as well and i think they knew all was not okay just didnt know to what degree.

If this was in many way other industries there might be some help from the regulator in respect of giving financial help to consumers which have been affected. They carry insurance for such things and this is paid for by membership fees of those that have joined the "offical" body.

The debt industry is silent as a tomb about everything to do with both DCM and DebtDr why is this???

Cleardebt in their very first statement went on record saying that they thought DCM did not act inproperly, how foolish that statement must now be having found out what they now know

Should have put their brain into gear before they opened their mouths i think. Should have waited until they had all the facts.

What there should be i feel is the what i have said above all debt companies should have an offical body and that offical body should carry insurance for when one of their own does something that is against its guideline and stipulations as to how they are supposed to run their business.

Regulation into this industry is required. You should feel the same constraints of other financial sectors in that reduces if not eliminates the possibilities of these rouges operating in that particular sector.

Then there is the buying of client bases we know that they have agreed to offer DMP free but the fact is that most shouldnt have been on one they should have either gone bankrupt or had IVA's, but cleardebt arent offering these for free are they there is a cost and they are trying to push people onto these. If Cleardebt were so "helpful" in sorting out the mess after DCM why not offer all services for free. They are not they are after financial gain in the way of getting its new clients onto what they should have always been on.

Its hard enough to find out you been fleece of money but then you have another company come around the corner and say you have to pay AGAIN and the worst of it is that you have to spend ANOTHER 5,6 or 7 years to get there when you have already spent 5,6 or 7 years or more getting to where you are currently which is no further forward

Cleardebt are also helping the administrator and the media that has gone to them. Perhaps this is a damaged limitation exercise after the mess DCM has left the industry in. With regulation comes cost and i think regulation is coming and coming fast which means companies operating in this sector will not be able to make the same returns that they were once used to

mikewjones_from_wales

the oft are not as "good" as you like to percieve.

Some went to OFT prior to its problems being more public, oft relies on the burden of proof before it conducts any investigation. This information was very guardly protected by those at the top of DCM.

Only after did the OFT say ARR they are no longer trading so the insolvency service now has to look into it.

The same is the case for the police but they like to use the administrator as "officers" and they wont act until he or she gets to the bottom of it.

The fact that there is now on record that we will not see any money im sure that the police will now get involved.

fermi

The OFT havn't been completely idle..

http://www.oft.gov.uk/news-and-updates/press/2011/10-11

Although I'd be the first to admit that in general what they have done to oversee the industry has been way too little way too late.

If I remember there are currently one or 2 government consultations on the go regarding moving the OFT's regulatory role in consumer credit licensing (including debt management companies) to a Consumer Protection & Markets authority? Taking up some of the FSA's roles as well?

So looks like the system of regulation may well change, and what is important is to see that it changes in a way that prevents this sort of thing from happening in the future.

Maybe cases like DCM can help push those changes in the right direction?