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DCM Money Solutions - In administration

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  • #91
    Re: DCM Money Solutions - In administration

    That would be interesting PF indeed.

    I am horrified at the reports of the levels of the costs some folks have had to pay out to these companies. In our own history in this we were having a lot of cold calling and I aplied the old adage that what seems too good to be tue, usually is or words to that effect. However when I was told to get help by the doc I sought proper legal represenation via a specialist solicitor and searched until i found one. I can give you the techniques I used but won't bore you until asked.

    However, we did find a specialist litigation solicitor who took our four cases and let me tell you that the costs have been no where near some of the figures reported here. In fact the fees were less than one months payments on the cards in question and we have paid nothing since. There were disbursements of under £80 for each account but we would have paid that anyway in the statutory outlays.

    It was interesting that during the very first discussions we had about our cases, they were adamant that we had nothing to do with claims management companies, IVAs, DROs Tomlin orders and the like. They started work straight away and gave us time to get their fees together. Now we a statement in writing from the managing partner of the large practice that we will now be defended on a whatever it takes basis at no further cost to ourselves.

    Let me assure you that is a very comforting position to be in and has not cost the earth and certainly nowhere near the fees quoted by many on here.

    regards
    Garlok

    Comment


    • #92
      Re: DCM Money Solutions - In administration

      Originally posted by NeutralObserver View Post
      Stumbled upon this thread after searching for Debt Dr today whom I used to have dealings with many years ago... One solution could be that ClearDebt could honour the contracts given to the DCM Clients couldn't they? Afterall, they have purchased the book... In a deal done before the collapse? Did they sign a waiver that allowed them to squeeze any profit they could out of DCM clients by selling IVAs to all those they could sell to and not have to bother helping the rest? They have already stated that they want to be percieved as saviours of the DCM clients by offering them 'free' debt plans? So why not really be the saviours and honour their original contracts? Then, if justice is bought against the directors, great, but Im sure DCM clients would put being debt-free above holding grudges? Im sure Cleardebt could afford it... Arent they a Footsie listed company?
      I am a ClearDebt employee. There is a lot wrong in the above. First, we did not purchase the book. We purchased the clients details only and we did this after the collapse - not before.

      And, the amount that appears to be missing seems to be considerably more than our annual profit. But, even if we could afford a bail out, why would it be fair for us to do so? We have had absolutely nothing to do with this failure.

      ClearDebt has absolutely nothing to do with the events that have led to DCM clients being in the position they are now in. We are doing our best to help sort out their futures. Those who choose our free debt management plan will, in perpetuity, have every penny paid to their creditors. And, yes, we are providing IVAs to those who will save by doing so - and we are charging industry standard (protocol compliant) fees for doing so. I don't believe we are adding to the misery DCM's failure has caused and to make us in any way responsible for it is ludicrous.

      Comment


      • #93
        Re: DCM Money Solutions - In administration

        Originally posted by pompeyfaith View Post
        Rednelly,

        Do you know if regulation of the DMC Sector will come under the new CPMA?
        Currently, it is planned that it should - and when it does, it seems likely (lots of consultations, etc, going on) that we will come under a regimen that is far more like the FSA than the OFT - most of those who are trying to establish a trusted fee-charging debt resolution industry would welcome this.

        Incidentally, the CPMA is dead - long live the Financial Conduct Authority - FCA:

        CPMA will have power to ban products | News | Money Marketing

        That article shows that it's likely to have considerable teeth - in theory at least.

        Comment


        • #94
          Re: DCM Money Solutions - In administration

          I do not think the CPMA is dead, I was under the impression the CPMA is an ofshoot of the FCA in that the FCA will handle the business regulation side and the CPMA will handle the consumer side.
          If you think nobody cares if you're alive, try missing a couple of payments.

          sigpic

          Comment


          • #95
            Re: DCM Money Solutions - In administration

            Originally posted by pompeyfaith View Post
            Rednelly,

            Do you know if regulation of the DMC Sector will come under the new CPMA?
            Originally posted by pompeyfaith View Post
            I do not think the CPMA is dead, I was under the impression the CPMA is an ofshoot of the FCA in that the FCA will handle the business regulation side and the CPMA will handle the consumer side.
            You could be right - I was basing my comments on:

            a) - someone at the OFT telling me on Tuesday just gone that CPMA had been renamed and that, within the article linked above, it says:-

            "In an interview in the Financial Times today, Treasury financial secretary Mark Hoban (pictured) says the CPMA, to be renamed the Financial Conduct Authority, will be able to ban products or limit their distribution for up to 12 months."

            and:-

            "Earlier this month, the outgoing head of Hong Kong’s financial regulator Martin Wheatley was appointed chief executive of the CPMA, now the FCA."
            Last edited by rednelly; 5th May 2011, 16:24:PM. Reason: Bad typing

            Comment


            • #96
              Re: DCM Money Solutions - In administration

              Initial creditors meeting (for what it's worth).

              Not really very much to note as yet.

              Email:

              ========================================
              Message Received: May 20 2011, 11:56 AM
              From: "Apex DCM Response"
              To: "Apex DCM Response"
              Cc:
              Subject: Apex Debt Counselling & Management Limited - in Administration

              Dear Sir/Madam

              You have previously agreed to receive correspondence by e-mail in
              connection with the above named company.

              Accordingly, please find attached Form 2.23B giving formal notice of the
              result of the meeting of creditors which was held by correspondence on
              11 May 2011.

              This letter is a formality, the sole purpose of which is to advise
              creditors of the outcome of the creditors meeting. No further action is
              required by creditors at this stage.

              A further report detailing the progress of the Administration will be
              sent to creditors in due course.

              Yours faithfully

              on behalf of Gordon Johnston and Alan D Fallows joint administrators of
              Apex Debt Counselling & Management Limited

              t: 023 8023 4222
              f: 023 8023 4888

              e:apexdcmresponse@hjsrecovery.co.uk


              And the main points.

              Comment


              • #97
                Re: DCM Money Solutions - In administration

                BBC News - Debt management firms who fail to pass on payments to creditors

                Comment


                • #98
                  Re: DCM Money Solutions - In administration

                  Revised debt management guidance published - The Office of Fair Trading

                  Comment


                  • #99
                    Re: DCM Money Solutions - In administration

                    Hi Nibbler

                    A bit of a shocker really!

                    Another article on this from Insolvency news -

                    http://www.insolvencynews.com/articl...ender-licences

                    Wonder if they will name them?

                    Comment


                    • Re: DCM Money Solutions - In administration

                      Also seen this posted on the MSE thread, which should be interesting.

                      Originally posted by mikewjones from wales
                      Just completed four hours of filming with the BBC X Ray Team.

                      Programme going out later this month. Also going to be going on BBC Iplayer as soon as i have the link i will post

                      Keep you informed.

                      Looks like the directors are going to respond to letters sent to them so this should be good.

                      Rip off Britian next month.

                      Dont think the new guidance goes far enough. Legislation is required to stop the rouges operating, OFT takes too long to act even when it thinks it can.

                      It also would not have helped us "DCM" after they went bust. OFT only interested "trading companies"

                      Comment


                      • Re: DCM Money Solutions - In administration

                        Hi

                        Cheers

                        Will look out for that.

                        Comment


                        • Re: DCM Money Solutions - In administration

                          He is a crusader to the cause.
                          If you think nobody cares if you're alive, try missing a couple of payments.

                          sigpic

                          Comment


                          • Re: DCM Money Solutions - In administration

                            Originally posted by pompeyfaith View Post
                            He is a crusader to the cause.
                            I think I would be as well if I had been ripped off for the amount of money some of the DCM clients have.

                            Comment


                            • Re: DCM Money Solutions - In administration

                              BBC Wales X-Ray have done a program report on DCM's activities and the case of Mike from wales.

                              Diddled to the tune of £30,000 by DCM.

                              See: http://youtu.be/LDxAnE58Uzs

                              Comment


                              • Re: DCM Money Solutions - In administration

                                This is indeed disgusting and sad. Imagine those people who were left with nothing! And the admin even had the guts to start a new business? I wonder how this issue ended.

                                Comment

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