It has been revealed that DCM Money Solutions who went into administration last month owed their clients £75,000 in unpaid debt management payments.
Cleardebt, who bought the failed companies accounts have now found that a total of £31,897,427 was owed to unsecured creditors by their clients but only 3% had been paid back.
It has also come to light that debt owed by 57% of dcm money solution clients either increased or stayed the same.
Some opportunistic for profit debt management companies have been known to high fees for the unregulated service they provide. Debt Support Trust has given tips to help avoid these kind of rogue traders which can help people when in need to debt advice.
Debt Management Calculator
You could also try our debt management calculator which explains the difference between using a for profit company or a debt management charity.