one debt solution in liquidation

Annoyed32

Thank you this. I appreciate that I won't get any money back from these people. I am so angry though that these people will liquidate this company and set up a similar one effectively tomorrow and do the same thing all over again.

On their website it says they are regulated by the Ministry of Justice - after speaking with the Ministry of Justice I am told that they are not regulated by this. Surely a statement by One Debt that they are regulated by MofJ is illegal?! I am told by MofJ that One Debt are regulated by Office of Fair Trading who do not speak to consumers!! How can this be right?!

I've worked two jobs for three years to pay back these debts, I am trying to do the right thing and yet these people can just rip off people who are vulnerable and need assistance. There must be something that can be done so these types of Companies are better regulated.

I feel, whether it's right or wrong that the Directors of these Companies have acted in a fraudulent manner and it boils down to pure theft!

Yes my creditors are chasing me and I now have to start paying back that money again. Not an entirely encouraging thought when I've already paid some £13,000 odd.

Regards,

National_Debtline

We, as a service, share your frustration that the directors of such companies are often able to set up new firms after liquidation. That's the ugly side of the free market at its worst. Unless any actual wrongdoing or misfeasance can be proven against directors, or they are made personally bankrupt, then they will still be able to hold further directorships.

The bad apples in the debt management sector steer people away from the reputable providers and from free services such as ours. As it stands, the onus falls on the customer to be wary and informed. Hopefully in time, the industry will be expected to meet higher standards but it's very much a work in progress.

Regards

Dennis @NDL

eibar

Annoyed32 I to have been with One Debt Solution for 3 years, not paying as much as you but still a tidy sum to them to clear my debts. Also having found out that they had paid a pittance compared to what I have given them to my creditors, I reported the matter to the Financial Ombudsman.

The Ombudsman found in my favour and told the Company that they had to pay back to me all the funds that I had paid, along with a small sum for stress and inconvenience.
I also received an email of the Ombudsman this week saying that the Company had gone into Liquidation and to contact the Liquidator. I totally agree with you whether it's right or wrong that the Directors of these Companies have acted in a fraudulent manner and it boils down to pure theft! Someone must be held accountable for it :mad: I have been scouring the internet for advice and found this

icaew.com

[FONT=&quot]Theft and Fraud Acts[/FONT]

[FONT=&quot]297. [/FONT]
[FONT=&quot]Criminal liability is imposed for obtaining property or pecuniary advantage by deception and for false accounting. Where such an offence is committed by a company with the consent or connivance of a director or other officer, that person will be liable as well as the company. Also, an offence will be committed by an officer of a company who, with intention of deceiving members or creditors of the company, publishes, or concurs in publishing any written statement or account which he knows is or may be misleading, false or deceptive in a material particular (including by way of omission) (Fraud Act 2006, sections 1 to 4 and 12; Theft Act 1968, sections 17 to 19; and Theft Act 1978).[/FONT]

Maybe someone can shed some light on this.

Annoyed32

Thank you eibar. I did suspect that I was not the only person to have been treated this way. The Financial Ombudsman did inform me that they had 'a load of cases' against One Debt Solution.

I just can't believe that there is no insurance policy or the like in place to protect us. I am currently seeking legal advice as I thought there might be a way to make the Director personally liable. The Director is quite easy to find online so I will be taking this matter further.

I have now spoken to National Debt Line who were very helpful in recommending me to a free service. That however, doesn't help in obtaining my money back, or at least getting that sum written off my debts. I had paid this money in good faith that my debts were reducing.

I am also writing to the Liquidators of One Debt Solution and to my local MP.

It is very disheartening that I face the prospect of having to earn that £13,600 once again to pay off my debts. This Company were supposed to help me when in fact all they have done is effectively put me £13,600 further into debt!

I wish you luck with anything that you can do. If I find out anything further, I will report back to this post to let you know.

mj187

I've been with One Debt Solution since July 2010 & have paid them in total of £7200 @ £200 pcm. I was informed by the bank that the account I paid into had been closed in June 2013. I contacted them back last yr & they told me everything was fine. However when my creditors told me they haven't been paid & also my credit file has defaults & non-payments from July which answers my query back then.
Now I've unable to contact them due to that they are now in liquidation.

Out of the £7200 I've paid, they've only paid £1100 to my creditors over 3 yrs. So they owe me over £6k minus fees. Is there any chance I will get any of this back? and does anyone know how I can?

The strangest thing is that its not like the company would owe anything directly like a retailer would. So where is all the money gone that people like me have paid? Unless a director or directors knew the company was going under & cleared all the accounts & run.

mj187

I've been with One Debt Solution since July 2010 & have paid them in total of £7200 @ £200 pcm. I was informed by the bank that the account I paid into had been closed in June 2013. I contacted ODS & they told me everything was fine. However my creditors told me they haven't been paid & also my credit file has defaults & non-payments from July which answers my query back then.
Now I've unable to contact them due to that they are now in liquidation.

Out of the £7200 I've paid, they've only paid £1100 to my creditors over 3 yrs. So they owe me over £6k minus fees. Is there any chance I will get any of this back? and does anyone know how I can?

The strangest thing is that its not like the company would owe anything directly like a retailer would. So where is all the money gone that people like me have paid? Unless a director or directors knew the company was going under & cleared all the accounts & run.

nottoolate

contact the liquidators. if you cant get anything from them all your money is lost. shows that you should never use these firms. with stepchange your money is safe

FireWyrm

mj187 wrote: »

I've been with One Debt Solution since July 2010 & have paid them in total of £7200 @ £200 pcm. I was informed by the bank that the account I paid into had been closed in June 2013. I contacted ODS & they told me everything was fine. However my creditors told me they haven't been paid & also my credit file has defaults & non-payments from July which answers my query back then.
Now I've unable to contact them due to that they are now in liquidation.

Out of the £7200 I've paid, they've only paid £1100 to my creditors over 3 yrs. So they owe me over £6k minus fees. Is there any chance I will get any of this back? and does anyone know how I can?

The strangest thing is that its not like the company would owe anything directly like a retailer would. So where is all the money gone that people like me have paid? Unless a director or directors knew the company was going under & cleared all the accounts & run.

I'm very sorry, but sadly, you will almost certainly never see any of that money. Such companies are 'limited liability' which means that the directors can simply walk away. How they can sleep at night I'll never know but that's the way it is.

For anyone else stumbling across this thread, let be a lesson. Do not, under any circumstances, no matter how desperate you may feel, go to a 'fee paying' debt management service. You can do everything they do and you can be sure your money goes where it is intended, not into the pockets of some ruthless thief. Go to StepChange if you must, but never ever pay a fee for a service you can do yourself no matter how persuasive they are. The very best outcome is that you end up paying far more than you needed to in the long run with the 'fees' that are added, and at worst, this sorry story is what can happen.

nottoolate

agreed dont use fee charging dmp companies

if they go tits up your money is lost

eibar

Does anyone know the names of the directors (RATS) who ran this company?