Thursday, April 28th, 2011 at
6:35 am
Have you heard of DCM? Well DCM is a debt management company in the UK that went into administration itself! Ironic…
It gets worse as well! DCM’s client lists were actually taken over by ClearDebt and they have reported that there appears to be money missing that was paid by the customers but did not find its way to the creditors.
DCM has a total of 1,036 clients which were paying DCM nearly a quarter of a million per month in repayments.
ClearDebts statistics show that some of those unfortunate people who took out a debt management plan with DCM actually has their debts increase. Some 18 percent of people saw their debts increase under DCM’s management and 39 percent of people saw no improvement in their overall debts despite paying into their debt management plan.
DCM, also traded under the name Apex, and the figures that have been released show that some customers had paid thousands to the company which was not paid towards their debts by the time the company went under.
ClearDebt is unsure how many people this could affect but it is anticipated that there could be tens of thousands of pounds missing.
ClearDebt director of marketing, Andrew smith went on record as saying: “… it’s very difficult to make more than very general conclusions – the administrators have a duty to report on the conduct of directors in any insolvency case: We think they will find plenty to say in the case of DCM Money.”
DCM was founded by John Baird and Sentley Robert Wilson. Both Baird and Wilson had actually been made bankrupt previously.
If you are currently in any type of Debt Management scheme with DCM you should have already have been contacted by Cleardebt. Clear debt will assess each customer’s circumstances and maintain their plans. Customers should be aware that they can switch Debt Management companies so that another company can negotiate their debt situation
Given DCM’s plight it’s more important than ever that you seek advice from a reputable company if you are considering any type of Debt Management Plan, IVA or Bankruptcy.
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Sunday, February 7th, 2010 at
1:47 pm
If you are based in England, Scotland, Wales or Northern Ireland and are currently struggling with a lot of debts but cannot afford to pay them then an IVA may be your best option. An IVA helps you to manage your debts by negotiating with your creditors and trying to reduce payments and freeze interest. IVA Practitioners can also assist you in settling your unmanageable debts legally. This service is easily available in the market but should beresearched fully.
An Individual Voluntary Agreement IVA) is known as a legally binding agreement between you and your creditors that will be taken care of by the licensed Insolvency Practitioners. With the assistance of the IVA debt service you can clear your multiple debts and enjoy various other benefits like:
A reduction in the amount you owe by up to 50 to 70%.
It will freeze the interest rates you pay.
It will legally put a stop to the creditors taking action against you.
If you do not have enough cash equity in your property to consolidate your debts using a re-mortgage then an IVA is considered by many to be the best solution to becoming debt free. It can also save you from bankruptcy which will mean that you will loose your house and bank account as well as other assets such as your car. An IVA is usually valid for 5 years (3 years in Scotland) and after this your debts get cleared and you legally become debt free.
There are many companies available in the UK that will readily offer you an IVA. You can access these services online. After selecting the IVA provider, you can apply directly online. Just complete a simple online form and submit it online. You should ensure that you provide all the details accurately in order to get a true assessment of your situation.
An IVA Practitioner will work on your case and prepare a proposal and present it to your creditors. This proposal shows that how the debtor is going to repay the loan amount.
Care should be taken when choosing a company as rates can vary greatly. You must also bear in mind that when discussing the options, these companies stand to gain financially from the choice you make. You should therefore take care to select a reputable company with a long standing history, who will properly consider your particular situation, then allow you to choose the best option for you rather than pressurise you to go for the option that will generate the largest profit for them.
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ClearDebt director of marketing, Andrew smith went on record as saying: “… it’s very difficult to make more than very general conclusions – the administrators have a duty to report on the conduct of directors in any insolvency case: We think they will find plenty to say in the case of DCM Money.”
