DCM Money Solutions - In administration

[pompeyfaith]

Re: DCM Money Solutions - In administration

Apex DCM customers who decide not to move to ClearDebt need do nothing. The consequences will be that their creditors will become aware that their plan has ceased when no more payments are received from Apex on your behalf. They will contact you and you will need to come to repayment arrangements with them individually, or choose another debt management supplier.

Well that is bad advice, consumers should always contact there creditors as soon as possible in situations like this and not leave it to fester while a DMC gets there act together.

[Jacqueline Cohen]

Re: DCM Money Solutions - In administration

Hi,

I am writing on behalf of ClearDebt

We've written a blog and added some comments to help advise people on the Apex DCM situation.

We completely understand and sympathise with the emotional strain this situation must be causing people who were clients of Apex DCM.

We have requested a list of all clients’ creditors and account numbers and as soon as we have this information, we will, on request, make it available to any active Apex DCM client, even if they do not wish to speak to us about a free Debt Management Plan.

We gave the advice we did (to wait for creditors to contact the client) because we are concerned that the records kept by Apex DCM may not have some serious omissions ( we cannot be held responsible if there are any omissions or inaccuracies in the information we receive from the administrators – and all they have are Apex’s records). With that said, as a highly trusted and well respected debt solution organisation, and a member of the trade body, Debt Resolution Forum (DRF), we will do our best to provide this information to former clients of Apex DCM as quickly as we can.

For anyone wanting further information or support, our team can be reached on 0800 612 3318 or by emailing apexenquiries@cleardebt.co.uk

As explained, although we are a commercial debt solution company, due to the distress Apex DCM clients will be in, should they wish to enter into a Debt Management Plan with us, and should that be the most appropriate solution, we will arrange this FREE of charge and at no cost at all to the client.

[Amethyst]

Re: DCM Money Solutions - In administration

Thank you for your post Jacqueline.

Could you clarify your final point please. Are you referring to initial debt up fees or to the ongoing monthly fees ?

ie. what fees will the client incur by running the DMP via cleardebt.

With this in mind, we retain as a fee, the first monthly payment and 90% of the second monthly payment to cover the cost of arranging and implementing your DMP.

we will take a gross fee equal to 17.625% (subject to a minimum fee of £30.00) from each monthly payment

Of course, clients will have already have been paying a monthly fee to DCM - do you know how your fee compares to what they were paying with DCM ?

As explained, although we are a commercial debt solution company, due to the distress Apex DCM clients will be in, should they wish to enter into a Debt Management Plan with us, and should that be the most appropriate solution, we will arrange this FREE of charge and at no cost at all to the client.

[Ruby]

Re: DCM Money Solutions - In administration

Hi guys so sorry for barging into this thread. Have not been on site for ages and cannot remember how to start my own thread !! I am tearing my hair out as your compound interest calculation thread does not seem to be working properly having MEGGA probs, please help and yet again so sorry for barging in. :tinysmile_cry_t:

[Amethyst]

Re: DCM Money Solutions - In administration

lol hi Ruby, click this link Legal Beagles Consumer Forum and it will start a new thread in the PPI forum.

[Jacqueline Cohen]

Re: DCM Money Solutions - In administration

Thank Amethyst,

For people with active Apex DCM Debt Management Plans we are not charging any set up fee or monthly fee at all - our Debt Management Plans are completely free to them - and will always be so; there will never be any charges or expenses.

As said - we understand how devastated these people must be and have taken action as best we can to offer assistance and speedy advice.

In some cases, these clients may find an IVA is more appropriate for them, and should they want to enter into this solution, our IVA fees will apply but no pressure will be placed on anyone at any time. Our IVA fees will always be protocol compliant (which means industry standard). The most important issue to us is being available to offer advice and support to DCM Apex clients.

[Jacqueline Cohen]

Re: DCM Money Solutions - In administration

Pompeyfaith - thanks for posting our information on MSE - they can be a bit funny about companies posting information on there so I was hesitant to do so. Thanks again - am hopeful it will reach people in search of support sources.

[pompeyfaith]

Re: DCM Money Solutions - In administration

Which is why I did it, I'm sure MSE will be ok with that as it is after all helping people out of a sticky mess.

And as you say you are offering your services free to DCM CLIENTS so no money is being made.

Like you I hope I only want what is best for those consumers because to be stung once is bad enough so really hope they get the right advice so they do not get stung again

[Amethyst]

Re: DCM Money Solutions - In administration

Thanks Jacqueline.

I am cynical by nature, so will still recommend clients use a free service. I'm sure we will receive feedback whether a high proportion of transferred clients end up on IVA's and whether an IVA is actually the best course of action for the clients.

Just for information

If you want to know if an IVA is suitable for you, you can use our online debt counselling service, CCCS Debt Remedy, which will provide you with the most appropriate solution to your debt problem. Alternatively contact our free Helpline on 0800 138 1111.

[rednelly]

Re: DCM Money Solutions - In administration

Thanks Jacqueline.

I am cynical by nature, so will still recommend clients use a free service. I'm sure we will receive feedback whether a high proportion of transferred clients end up on IVA's and whether an IVA is actually the best course of action for the clients.

Just for information

Hi, I am another ClearDebt rep (happy to be identified - but the sign up says I shouldn't use a real name).

I'm jumping in here to try and address some of these concerns, not just for my company, but for that part of the fee-charging debt management sector that is doing its utmost to raise standards and to create a trusted industry. There are loads of issues here i know (and I'm happy to have robust discussions on all of them - but I won't try to go too far off-topic here).

First - the "free service" CCCS charge a "fairshare" contribution of, I believe, around 10% to creditors. So, creditors of ex-Apex clients in our plans will get higher returns from those than they would from CCCS. This may affect the creditors' future attitudes to proposals from the client. Note "may" I'm cynical too .

Now, as to whether the IVA is the best course of action. You can be as cynical as you like here... Apex didn't offer IVAs. They offered dodgy "full and final" DMPs. Across the industry debt resolution companies find around one in six DMPs should be an IVA (and, IVAs write of about half a person's debt if they manage to make all the payment - plus all the interest that would otherwise accumulate). So, it is highly likely the the most appropriate advice for many of Apex's ex-clients will be an IVA - it will make them debt-free faster, though they will have to work at it.

I am highly confident that if we advise an IVA, we will be giving the right advice: Not only are our advisors experienced (yes, I would say that - wouldn't I) but they all have the Certificate in Debt Resolution (CertDR) which means they've done around 210 hours study and passed three exams in the course of a year or so. Its an advanced BTEC and properly accredited by EdExcel. So, if we advise and IVA it will be advice confidently given on the basis of knowledge and experience.

Then, like most other reputable IVA providers, we charge protocol compliant fees. Like CCCS. So, no difference there then. And no difference in the contribution a debtor will be asked to make each month - because we use the same guidelines for assessing income and expenditure.

If there's a difference for the debtor, it's probably only in the quality of administration - and I'm quietly confident we can hold our head high there.

An IVA provides affordability, certainty and predictability - but it is five years (sometimes more, rarely less) hard work. for a debtor.

[Latch Key Kid]

Re: DCM Money Solutions - In administration

Hi rednelly

Welcome to the forum -

Reading your post I was just wondering if any of the Apex clients may be better off taking the bankruptcy or Debt Relief Order route.

Forgive me for asking this, its just that from reading your post there does not seem to be any mention of these formal remedies, the emphasis just seems to be on IVAs in my opinion.

Apologies if I come across a little cynical.

[Amethyst]

Re: DCM Money Solutions - In administration

Hi Rednelly, Don't get me wrong, it is to be commended that you are waiving all set up and monthly fees for past clients of Apex - so all the money they pay goes directly to their creditors. I understand from reading clients stories of their experiences with Apex that yes, indeed some of these would have been much better off with an alternative to a DMP, like a DRO, Bankruptcy or indeed an IVA.

Regarding the ''fairshare'' contribution that CCCS charge creditors, it is kind of swings and roundabouts isn't it...if fee charging DMC's were not fee charging then 100% of the clients DMP payments would go to the creditors - as may be the case now with your waive on fees - however ''normally'' fee charging DMCs take what ? 15-20% of the money before it gets distributed to creditors, as well in many cases as the first one or two months payments in full....so really the creditors are getting more through CCCS with the estimated 10% fairshare contribution than from clients using the fee charging DMCs.

Just thought the other side of that equation needed showing.

Ame
xx

[Garlok]

Re: DCM Money Solutions - In administration

Hi All,

May I just ask a simple question please. Is this "Cleardebt" company anything to do with "cleardebtsolutions limited"? About whom a I made a post on another thread. If they are then i can fil in some further information, if not ignore this post.

regards
Garlok.

[Amethyst]

Re: DCM Money Solutions - In administration

Bit of info on Cleardebt is on their site http://www.cleardebtgroup.co.uk/down...ember_2010.pdf and also on Companies House WebCHeck - Select and Access Company Information . Cleardebtsolutions is a different company.


It is nice to see they are open with their accounts (though I haven't checked them against Co House lodged docs).
It mentions their acquisition of Abacus - rings a bell actually.

Edit: Yip, '' Darren Bott is no longer director of Abacus Financial Consultants since 16/6/09 after it was bought out by Cleardebt.''

Ravenstone house again.


Cleardebt peeps - is Abacus arm running the DMPs as it was in Dec 2010 according to the interim report) or is that no longer in operation ?

[pompeyfaith]

Re: DCM Money Solutions - In administration

Going by the website designs they look to be different but to be really sure I'd say the best place to check is companies house