DCM Nottingham / DCM Money Solutions in administration?

fermi

mikewjones_from_wales wrote: »

Omg fermi how many of these are going to go pop

All mirror images of one another

Clients money gone missing into the directors pockets, thinking it's their money to dip into instead of doing exactly what they said.

I'm afraid that sector was a big barrel with many rotten apples. As FCA carries on weeding them out I imagine there will be more yet.

Very damning of the previous regulatory regime (OFT etc)...

mikewjones_from_wales

What they need to do is go through all companies operating in this sector and make the audits more stringent

Also force these companies to put their clients money in a secured place where directors can't touch it.

And When I say audits I mean by someone external from their accountants.

Directors will be less likely in taking the chance in "borrowing" it's clients money only never really intending in putting it back

mikewjones_from_wales

A lesson to be learned is regulators listening to people complaining to them instead of putting their heads in the sand saying "they can't really be doing that can they"

If the oft had woken up earlier to this systematic abuse of people's debt situation by unscrupulous companies many people wouldnt either be in the positions they find themselves in or have to go through situations with even higher states of emotion than they would already be in.

Another solution to this problem is helping people not get into the kind of debt levels in the first place.

I still see repayment levels on loans of 200% - 2000% this needs knocking on the head as there can't be any reasonable excuse for charging as much to begin with. Then there are the fees bank and the like try to put onto the debt to make the debt grow as much as they can.

mikewjones_from_wales

These companies with high % are only there to benefit from those who are either poor, on low incomes, or already have a poor credit history. Why are we still as a society allowing them to continue trading when any common sense would say they are operating without any moral or ethical string in their corporate model.

mikewjones_from_wales

One such company makes enough to sponsor a premier league football team.

I'm afraid so much is still wrong with this sector.

fermi

http://www.macclesfield-express.co.uk/news/local-news/jailed-debt-boss-who-stole-9607055

ratrace

fermi wrote: »

http://www.macclesfield-express.co.uk/news/local-news/jailed-debt-boss-who-stole-9607055

Good riddance to bad rubbish

I hope all the people who were conned by this scumbag atleast get some sort of closure.