DCM Money Solutions - In administration

[Nibbler]

www.dcmmoney.co.uk

Sounds like the company and staff have done a 'runner' leaving lots of people £1,000s out of pocket.

Quite a few irate customers on MSE trying to find out where their money is and who the administrator will be.




EDIT

We recommend contacting CCCS Helpline, 8am to 8pm Monday to Friday, on 0800 138 1111. Free Debt Advice charity. Debt help | Free debt advice for UK debt problems | Free debt management | CCCS




EDIT

Apex Debt Counselling & Management Limited (the Company) – in Administration
Gordon Johnston and Alan D Fallows of hjs recovery were appointed Joint Administrators of the Company on 2 March 2011 by the director. Clients and creditors will shortly be receiving notification of the administrators’ appointment by post.
The client database has been sold to ClearDebt Group plc a debt resolution specialist to conduct a no obligation review of client’s files. Please contact ClearDebt Group plc directly on 0800 612 3318 or 0845 120 1040 for further information.
The Administrators are currently formulating proposals which will be sent to creditors and clients in due course. No further information is available at this time.
Should clients or creditors wish to contact the administrators they should do so in writing to:
hjs recovery, 12-14 Carlton Place, Southampton SO15 2EA for the attention of Michael Hall or alternatively by e-mail to apexdcm@hjsrecovery.co.uk.
For and on behalf of
APEX DEBT COUNSELLING & MANAGEMENT LIMITED

Gordon Johnston ACA FABRP Alan D Fallows FCCA MIPA MABRP
(authorised by the Institute of Chartered Accountants in England and Wales) (authorised by the Insolvency Practitioners Association)
Joint Administrator Joint Administrator

[Last]

Re: DCM Money Solutions - In administration

Beancounter1973 how did you manage to get your clients money back and do you think you would be able to help with the Bournes situation..........I can't believe after this which was back in 2010 that the FCA/offic of fair trading have allowed this to happen again in 2014 its barbaric

[Nibbler]

Re: DCM Money Solutions - In administration

Small update from Mike on another thread.

Guys/Gals

If you search for DCM money solutions there is loads of information out there.

1 am one of 1040 people affected with the amount if money that has gone missing on the region of at least 8million

it is not in the news because of various investigation currently been carried out

you might not like to hear this but DCM went bust in 2010 and only now after a lot of pressure are we where we are.

my advice is never give up

involve your MP's involve the police involve the media use every weapon at your disposal and chase.

mike

[Mikewjones from wales]

Re: DCM Money Solutions - In administration

Check out the MSE Forum for the lastest information. Police Investigation is underway by Nottinghamshire Police.

[Nibbler]

Re: DCM Money Solutions - In administration

Whatever became of the directors? did they get prosecuted does anyone know?

Some updated info on that.

See this link for letters: http://forums.moneysavingexpert.com/...098382&page=47

Over the last year I and Shaney have been talking to MP's regarding the situation that the 1040 people were left in after DCM's demise.

We are now in reciept of exactly why DCM and its directors have not been investigated to date from the BIS.

We are also in communication with the SFO (Serious Fraud Office).

We have also spoken to Nottinghamshire and Gwent Police regarding the situation and have requested that it be referred to the SFO for them to investigate.

We have also been in further contact with the BIS and Jo Swinson MP with regard to the BIS referring the complex fraud that has been undertaken by DCM and ALL of its directors to be referred to the SFO.

For the record HJS Recovery did inform the insolvency service of the probability of "misappropreation of funds" and Fraud to the BIS and this was investigated by the Case team of the insolvency service.

To the directors of DCM whom i am sure that are still reading this thread i would say this. It might very well have been quiet over the last year of so but we have still not given up holding you to account for what you have done.

As i have said the letters will be posted on here however anyone who wishes a hard copy to be emailed to them please PM me with your email address and i will send them over to you. This you can take to your MP for them to get involved together with your local police force as at some time the SFO will be getting involved and in contact with all of you.

Rest assured that not only me but also shaney is also continuing to work towards getting the outcome we all deserve however if anyone else wishes to get involved please let us know.

I also have got in contact with Andrew Smith of Cleardebt (AKA Rednelly on here) and he will be helping in whatever ways Cleardebt can.

For the record the BIS are have stated that the figure in relation to DCM Fraud against its DMP client's now stands at £8million not the £2million as previously recorded in HJS reports and the media.

Mike

[Nibbler]

Re: DCM Money Solutions - In administration

Whatever became of the directors? did they get prosecuted does anyone know?

From the last pages of the 900+ post thread on this on MSE, I assume not.

http://forums.moneysavingexpert.com/...098382&page=47

[Beancounter1973]

Re: DCM Money Solutions - In administration

Hi All.


I have just stumbled across this thread, so apologies for being a bit late on the scene.

Back in late 2010 we had a client (we are accountants incidentally) that had entered into a DMP with this company. The client one day casually mentioned that they seemed to be still getting threatening letters from there creditors, despite being on a DMP for well over a year.

Out of morbid curiousity i decided to do some digging. Without boring the pants off everyone i managed to link all the associated/commonly controlled companies linked to APEX and DCM. What i found was absolutly staggering. On paper the core companies looked in reasonable shape (from what i remember anyhow), but as i linked everything together the core businesses (APEX and DCM) only looked good on paper as they were showing hefty debtors balances owed to insolvent companies which were controlled by the very same directors. Why were those companies insolvent??? Well this is were it gets interesting. Several of the businesses had severely overdrawn directors loan accounts...In essence this means that the core companies had lent money to several of its sister companies (which was client funds from its clients) and then that money was then distributed to directors. What disturbed me more was that they clearly were not keeping proper client account records and were clearly using client moneys to prop up there own business (being that several thousand pounds had gone missing from my clients funds and there bank cash balance at APEX/DCM only amounted to around 8k..... Slightly dodgy if they have 1,000's and 1,000's of clients and mine alone had several 1,000 missing.

The worrying thing is when i initially uncovered all of this (and was given the run around by DCM) I went to the FSA, trading standards and OFT and neither wanted to know (in fact they all said it wasnt there problem to deal with).. Fortunatly for my client i got them every single penny back that they had paid over (including management charge fees).

I am dissapointed that the authorities didnt investigate when i first brought it to there attention, as this would have saved some peoples cash at the very least.

The one thing i will say is that the whole thing was very complex and I suspect it was originally started by the late director, but at the end of the day the new guys were still responsible for taking clients money and using it to prop up there own business after Mr Baird (dec'd) death.

Whatever became of the directors? did they get prosecuted does anyone know?

[chiltern]

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.

[Nibbler]

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

[Nibbler]

Re: DCM Money Solutions - In administration

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.

[pompeyfaith]

Re: DCM Money Solutions - In administration

He is a crusader to the cause.

[Latch Key Kid]

Re: DCM Money Solutions - In administration

Hi

Cheers

Will look out for that.

[Nibbler]

Re: DCM Money Solutions - In administration

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

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"

[Latch Key Kid]

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?

[Nibbler]

Re: DCM Money Solutions - In administration

Revised debt management guidance published - The Office of Fair Trading