DCM Nottingham / DCM Money Solutions in administration?

fermi

fermi

fermi

Another article on DFD/MW.

http://www.mirror.co.uk/money/city-news/two-debt-management-firms-shut-1972138

mikewjones_from_wales

Thanks fermi.

I did see the article.

There is something very very wrong with the debt management industry.

All we are seeing is companies like these getting found out.

Makes you wonder how many more are out there.

Vince cable shut them down. Guess he did want more of the same re DCM. Had to do something.

We will get DCM investigated, however I think now that something more has to be done in this industry.

More than the debt management forum.

I think they need a official regulator just like the FSA does with other financial institutions.

And this regulator needs some teeth to shut these companies down whenever they appear.

I think the whole debt management industry needs to be investigated. None of this half hearted approach.

And where companies such as DCM, moneyworries etc have been found the directors should be disqualified automatically and then investigated for criminal behaviour. That way they cant cause any more heartache.

mikewjones_from_wales

Fermi,

I dont know if there are any forums on here in relation to these companies but perhaps we all need to get together.

Trying to get a debate up and running might be worth while getting the MP's involved in these cases to join us.

Can you spread the word.

Thanks

fermi

There is the odd thread or two. I'll have a look.

Eager_Elephant

I see so many people through my work (Debt Adviser) who have been to these companies and it is clear that they have cut back on food etc to be able to afford their payments. Some clients I see have missed rent payments :eek:

The latest one I have been told about is 'moneynmore' - they do have a website.
The client I saw says she is going bankrupt in 9 months as she has to pay £130 per month until then.

She is elderly and not really sure what they are doing - she does not have any paperwork/agreement just envelopes with her ref no on to send in letters from creditors.

I know it is a con but not sure what game they are playing - will they take £130 pm and then in 9 months produce the bankruptcy forms for her to take to court where she will have to pay the bankruptcy fee or in 9 months do they say they need more money from her??

Either way she is stopping the payments and then going bankrupt in the next 2 months.

I have tried to search the internet but because their name is made up of very common words it is hard to find much. I found one thread on here about them and that is it.

I am glad this is in the public eye and you guys are pusing hard to get an investigation.

mikewjones_from_wales

Over £1100 just ot get forms filled out.. ummmm very alarming

She could go to cleardebt and get them filled out for £500

She could go to the CAB and they would help her too.

The whole of the debt management industry needs an independant look into it.

With companies out there like these it little surprise that the debt management forum (group made up of debt management companies that try to look after the sector) do not wish for the authorities to get too involved.

It praying on the desperate and the vunerable very much like the payday loan industry it stinks.

mikewjones_from_wales

got another meeting with the MP this week.

I feel some letters coming on

Shaney

I do hope that Mr Murphy has received Mr Pritchards letter :-)