DCM Nottingham / DCM Money Solutions in administration?

belinda2011

Shaney wrote: »

Take Note - 44 months ago one of my debts started off at £1893 when i signed up with DCM, and in the period of 42 months DCM had paid a total of £27.62 yet interst was still being added so today the debt stands at £2072 i have obviously been in contact with the creditor who has been very sympathetic and reduced the debt back to £1893 and has now frozen the interest, (Result in my mind) So i thank you CapQuest

Although my 10 original debts totaled £18,915 them original debts presently stand at £19,600.52..

hi shaney i too have had a creditor who has frozen my interest, so thats a start now for the rest x

Rednelly_2

mikewjones_from_wales wrote: »

i also pointed out the administrator via email the contract clause saying if DCM didnt get the client out in the agreed time no fees were payable.

So anyone over their time NO FEE

and anyone whom under well they wont hit the date as they have gone into administration Well NO FEE TOO.

Dont think he was happy

LOL

The administrator doesn’t have to adopt any contracts though and therefore won’t have to pay out on that clause even if he has the money to do so - unless monies are in a client account for that particular creditor (any monies paid by a client for creditors in general should have been ring-fenced (I think) for those creditors by virtue of the monies being in a client account).

I’m told that, even if the administrator had any “general” funds (it looks like there’s little or nothing left) he would not be liable unless he adopted the contract.

mikewjones_from_wales

Rednelly wrote: »

The administrator doesn’t have to adopt any contracts though and therefore won’t have to pay out on that clause even if he has the money to do so - unless monies are in a client account for that particular creditor (any monies paid by a client for creditors in general should have been ring-fenced (I think) for those creditors by virtue of the monies being in a client account).

I’m told that, even if the administrator had any “general” funds (it looks like there’s little or nothing left) he would not be liable unless he adopted the contract.

I think you miss the point.

The administrator is trying to build a figure as to how liability there is to each client he can add them together to get a total amount and therefore he can work out how much is missing.
He can only do this through looking at the contracts, the contracts are fundermental to working out financial liability. That is his starting point. He is trying to work out how much is due through the breach in the contracts

Im sorry you are incorrect even administrator cannot cherry pick expressed terms of a contract. There might be some scope on implied but not expressed. It is fundermental to the offer and acceptance process and was important when there was intention in creating a legal contract. It was also part of the consideration process.

There wont be any money we know this BUT should they have any realisation against any of the "realisation unknown" category then some money might become available in the future.

but the simple contract is this

We give money, they go and appropriate it, through reaching agreements with the clients creditors on our behalf through the permission we give. He contractualy promises to get the client out of debit in five years (or whatever the agreed time is) he PROVIDES a guarantede that if he doesnt then all fees paid to him will refunded as they are no longer due under the guarantee. If they were commercially bright then they would have carried insurance against giving such a guarantee.

Thats why when the police fraud squad investigate as im sure they will at some stage, the figure they will be working to is the figure due under the contract and they have already said fees are not payable.

whitecrow

Rednelly wrote: »

The administrator doesn’t have to adopt any contracts though and therefore won’t have to pay out on that clause even if he has the money to do so - unless monies are in a client account for that particular creditor (any monies paid by a client for creditors in general should have been ring-fenced (I think) for those creditors by virtue of the monies being in a client account).

I’m told that, even if the administrator had any “general” funds (it looks like there’s little or nothing left) he would not be liable unless he adopted the contract.

I think the ring-fenced 'client account' farce has now been shown to be an ineffective nonsense (see CCE thread and many others). These accounts only operate as a protection if the account holders operate them in that way. They rely on the honesty of those holders, and the account holders have full access to the funds and may move them as they will. The law restricting movement of funds in a clients account only comes into operation when the business operating that account goes bust. Like so much in the current financial world it is window dressing which relies on the business involved being run honestly and competently. It is no protection against crooks and fraudsters.

mikewjones_from_wales

Guys i spoke to Andrew from Cleardebt today and had a conversation regarding the spreadsheet that has been create.

He was fearful that it might be seen as a "quick fix". I told him that work did need to go into the sheet to provide the result.

I have posted this on their blog.

"Andrew,
Regarding the spreadsheet and the way in which the possible liability is created.

The spreadsheet is NOT an easy fix it does require some work in putting the figure together.

The debt at time of taking DCM needs to be accurate. When you put figure into this part of the sheet they need to be actual figures and not "estimates" as some people might have on the DCM agreement. You can always ask the creditors for what was the debt at that moment of time.
Regarding the "current" status these figures need to be current figures from your creditors you should not use DCM schedule as it is completely inaccurate.

To fill in this part of the sheet i would speak to the creditors to get current levels, if they have increased from DCM appointment then i would ask why and get any interest or charges removed as most people i have spoken to have done.

I know that you felt that this had not been made clear but hopefully this provides clarity.

As i said the spreadsheet is not a quick fix, but it can be and aid in ascertaining what the liabiltly is, but the information put in has to be accurate to provide an accurate result.

As the saying goes garbage in garbage out."

Hopefullt this provides clarity for people filling in their spreadsheet.

mikewjones_from_wales

mikewjones_from_wales wrote: »

*********update********update*********update********

dcm are in tomorrows daily mirror again

http://blogs.mirror.co.uk/investigations/2011/05/debt-management-disaster-boss.html

mikewjones_from_wales

if anyone needs help with information so they can understand the resolutions on the HJS Recover form the link might provide some useful information as to what each resolution means to the joe bloggs on the street. It might be useful so that you can understand enough to make your own judgement on each of the 6 resolutions.

It was originally posted by "Rednelly" whom now appears to have been Andrew Smith of Cleardebt the company that bought the APEX/DCM Client database.

http://www.cleardebt.co.uk/blog/cleardebts-responses-about-dcm-money-and-apex-on-moneysavingexpert-removed_32512

failing that you are more than welcome in asking any of us on here and we will do our best in providing understanding on what is very complicated and will not make much sense to the average person

mikewjones_from_wales

Afternoon all how is everyone today.

Anyone got any news on progress

sean-o

mikewjones_from_wales wrote: »

*********update********update*********update********

dcm are in tomorrows daily mirror again

hi there all, i am sean and i have been given some fantastic advice by someone i contacted by chance but was the best thing i did in along time. i just want to say hello to all out there and now know i am not alone. the greatest of thanks goes to mike who showed me the light at the end of a very dark tunnel.

mikewjones_from_wales

sean-o wrote: »

hi there all, i am sean and i have been given some fantastic advice by someone i contacted by chance but was the best thing i did in along time. i just want to say hello to all out there and now know i am not alone. the greatest of thanks goes to mike who showed me the light at the end of a very dark tunnel.

Your welcome for all the advice and help, you will find a number of people on here that can help and advise you.

Welcome to the thread, im sure that everyone else will be on throughout the day and introduce themselves to you.

It was good to talk to you and i hope that speaking to me helped by taking some of the weight that you had on your shoulders.

As i said you are not alone and there are lots of people on here that will show this to be the case

keep your chin up and if i can be of any further help you only have to ask