Public in limbo as debt firm crashes ~ Debt Managements and Consolidation

Customers of a debt management company have spoken of their fears after the firm's office closed.

The Nottingham Evening Post reports that DCM Money Solutions has closed its base in Hope Drive, The Park, Nottingham.A statement on the company's website initially said it had gone into administration, though the message was later amended to say "More information to be provided shortly".The situation has left some clients worrying about how they will manage their debts. A 69-year-old woman from St Ann's, who asked not to be named, has been helped by the company for four years. She said: "I got in touch with DCM because I was around £10,000 in debt and needed help. They had always been OK but I rang a couple of weeks ago and a message said there were some problems in the office and that it would be closed until March 7.”DCM Money Solutions offered advice to people faced with credit card debts, bankruptcy, repossession, mortgage debt and loan problems.She continued: "I rang again on Monday and the number was just ringing out. I've got a payment to make and I don't know what to do. I've also had some bills through and other letters that they would usually deal with."I usually made a payment to them each month and they would pay my debtors for me. I don't know how much I've got left to clear and the paperwork is all at their office. I am really worried now because I have still got this debt and do not know who to pay, what to do, or who to talk to."A notice in the window of the office says: "The offices of DCM Money Solutions are currently closed. For all inquires please call 0845 120 **** or visit www.dcmmoney.co.uk."The company's website also contained a message on Wednesday which said: "DCM Money Solutions. In administration. More information to be provided shortly."The words 'in administration' had been removed on Thursday.Kevin Still, Director at Atlantic Financial Management, said:“It is inevitable that there will be some business failures in commercial debt management sector as the market consolidates, however, we have a policy of accepting clients from such companies with no break in payments to their creditors.“It is imperative that action is taken quickly, as has been notified by the Administrators of DCM Money Solutions."We can take on clients with minimal administration by accepting your last statement showing the creditors that were being paid under the debt management plan by your debt management company. “The latest records held by the Government's official companies register, Companies House, say the business is still active but has been overdue in submitting its accounts since December 31 last year.Stella Howard, money advice supervisor at Nottingham Citizens Advice Bureau, said people would still be liable to repay debts even if the company they were using went out of business.
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