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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Monday, March 1st, 2010 at
5:45 pm
After the government figures of the final three months of 2009 were released there was a dramatic 6% fall in business investment and the initial estimate of growth in the quarter four 2009 was just only 0.1%. It is not good news. Because of this Britain was not able to emerge from recession in late 2009.
The worst news is that in order to recover from the longest recession of the UK economy since 1930s, a catastrophic 24% drop in investment in the past year retains the economy of UK in a weak state. This recovery is done on the basis of rebalancing of growth from utilization and consumption to investment and exports.
The Office for National Statistics released its gross domestic first revision in the fourth quarter of last year in order to calculate how well the economy did in the last year. The next morning the City had the confidence that there would be an upward revision tomorrow because the manufacturing sector did better in late 2009 than originally believed.
One bit of good news for the government is that the investments done are only to show up the third estimate of growth of Office for National Statistics. In this way, it is unlikely that tomorrow’s data will display a sharp fall of 0.3% or 0.4% during the quarter four 2009. However it is temporary, unless the fresh data is strong enough in order to balance the obstacle from investment.
However it is important to remember that there were some excellent factors especially the incentives for consumers who purchased big ticket items before the end of VAT holiday that led to the growth in the quarter four 2009. But this consumption was borrowed from early 2010 and thus the figures for the first quarter of 2009 are not precisely brilliant either. In late April the first estimate of growth in this period was published. It can be the most important piece of information as it comes out at the time of the general election campaign.
Between the fourth quarter of 2008 and 2009 the manufacturing investment in UK dropped by 35% and thus it is suggested that UK industry will not be able to benefit from the rising global demand. Due to this it may be difficult for the UK economy to emerge from the recession even after the release of its first estimate growth in April in this year.
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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.”
