DCM Nottingham / DCM Money Solutions in administration?

fermi

http://www.bbc.co.uk/programmes/b01271cq

Mike Jones from Cwmbran thought he'd acted responsibly when he found himself in debt. He got in touch with debt management company, and each month paid them hundreds of pounds, believing that the company would use the money to pay off his debts.

But last March the company went into administration, and Mike discovered that although he'd paid out 35 thousand pounds to the company, only four thousand pounds had been used to pay off his debts. Rachel Treadaway-Williams finds out what happened to Mike's money.

mikewjones_from_wales

fermi wrote: »

http://www.bbc.co.uk/programmes/b01271cq

thanks fermi

Shaney

The whole Dcm nightmare has left a nasty after taste in many peoples mouths, i for one will not be giving up until the situation is brought to a satisfactory ending. I am no different to anybody else in this situation, and i most certainly am not looking for sympathy, a pat on the back or even a knighthood, i just want whats right for my family. Even though my wife is seriously ill and we have a child with learning difficulties, i am not going to feel sad and upset at seeing their daily suffering any longer but carry on and support mike and my family in my best capacity. Up until now i've been quite reserved, that is about to change, enough is enough, we and our families have been wronged by those that set out to turn our lives upside down, you simply had a passion for greed and for this i pray that one day when the time comes, you too will suffer.

Mothermercury30

I shouldn't have posted that after such a terrible day. I am totally behind this, but I am going to have to find alternative ways to support you.

mikewjones_from_wales

well we have to be doing something right. it would appear that mr wilson requested extra time to respond to BBC and then took on a solicitor (thats a laugh, thought he was one, rrr there again he got struck off didnt he.

Im glad they are getting some legal representation, think they are going to need it.

I also hope they do read this forum too, and i know they are to.

See i told you that i didnt hid behind any false names and that i would get your names in the papers and i told you i would put you on TV. All coming true isnt it!

This TV appearance is the first of many let me assure you.

Shaney doing the radio and he will be getting involved with TV also.

I intend to put (and keep) all your names in the media (with pictures) so that, everyone knows what you have done, to whom you have done it to and to get everyone to avoid involving themselves in any of you enterprises.

It is various people and organisations to persue you so at WORST you get banned from running a company and at best you go to jail.

Shaney is not going to stop, neither am i or the other people that are helping behind the scenes.

So get all the legal representation you want or you think you need.

mikewjones_from_wales

Mothermercury30 wrote: »

I shouldn't have posted that after such a terrible day. I am totally behind this, but I am going to have to find alternative ways to support you.

there are many ways you can help.

Shaney and I are doing the TV and Radio appearances, so you do not have to appear if you dont want to so you dont have to worry. Only appear on a show if you want to. Me and shaney are acting for the people whom do not have a voice, or cannot shout for any reason.

It takes a lot of guts to go into the media go on the air or go infront of the camera and i know there can be consequences not all of them might be good, but shaney and i have taken this on and are prepared for it.

In anycase i intend to make my face a little more repetative to these scumbags maybe that will spur them into coming out of hiding and explain to us all why they did what they did.

Shaney and I would welcome any support, whatever it is and from whomever wishes to give it.

Mothermercury30 if you ever what to talk if things are getting on top of you all you got to do is contact me, call me okay.

The more voices that band together the louder our voice is going to be.

Look at what we have done already. More people more success.

Chin up Mothermercury30.

Im here if you want to talk. PM me okay.

Shaney

I would just like to say a big thank you to Mike, well done Mate, your a star keep up the good work

mikewjones_from_wales

Shaney wrote: »

I would just like to say a big thank you to Mike, well done Mate, your a star keep up the good work

thanks man.

Your radio appearance next.

Then Rip off britian next month

mikewjones_from_wales

http://www.bbc.co.uk/iplayer/episode/b01271cq/XRay_Series_11_Episode_5/

fermi

Can't see that on iplayer yet, but there is a more detailed story summary here:

A finance company run by ex-bankrupts has gone bust leaving more than 1,000 people out of pocket.

Administrators are picking over the bones of Apex DCM but experts say the company’s victims are unlikely to get their money back.

Mike Jones from Cwmbran is one of the company’s victims. He got badly into debt following a custody battle - and ended up owing nearly £39,000.

Nottingham based Apex DCM seemed to have the answer. They would handle all correspondence with his creditors and handle repayments. For £450 a month the company promised he would be debt free in six years.

But last December he spoke to the company and found out he still owed around £34,000. Despite making payments totalling £34,000, Apex DCM paid off just £4,000 of his debts.

Mike was devastated by the news: “An abyss just opens up underneath you and you just wants to suck you in. You look into you and ask how you could allow yourself to be scammed for £30,000.”

The company was started by former bankrupt John Baird in 2002. His company secretary Sentley Wilson was a solicitor at the time, but has since been struck off for misappropriating clients money. He’s was also declared bankrupt – but continued to be involved with Apex DCM.

The pair were also directors of a number of other small companies – all of which are now defunct or have proposals to strike them off the register of companies.

These companies owe Apex DCM around £1.3m. John Baird also personally owed the company more than £400,000 when he died in 2009.

X Ray asked forensic accountant Geoff Mesher of Grant Thornton to look at the administrators report into the company.

He told us: “These loans may have been made entirely legitimately and with the best intentions to help other companies. At the other end of the spectrum it could be that these payments were, deliberately made to defraud creditors of Apex DCM and move that money out to benefit ultimately someone else.”

He said it was unlikely that creditors like Mike would get any money back from the company.

John Baird died in October 2009. We wrote to Sentley Wilson asking him what he’d done with the money Apex DCM had received from Mike and other customers, but he hasn’t responded.

Mike has now been forced to declare himself bankrupt.

He told X Ray: “I could have gone bankrupt seven years ago and could be be out and be putting my life back together again. But there was a pride in me in paying back what I borrowed.

“We're back on near breadline again. Any father would want to do the best for their children and I can't. “

Apex DCM is an extreme case, but regulators are concerned about standards in the debt management industry. The Office of Fair Trading carried out a review of the industry last year and gave warnings to 129 companies.

So what should you do if you’re struggling with serious debt? It’s important to remember that there is no need to use a debt management company as a number of reputable organisations will help for free. There’s a list of these companies below:
Citizens Advice, National Debtline and the Consumer Credit Counselling Service.

Details of where to access help locally is also available from Consumer Direct.