Failed debt management group DCM Money Solutions had paid off less than £1m of its customers' £32m debts when it went into administration last month.

Analysis by ClearDebt, the firm that acquired DCM's client lists, has shown that just £972,348 of debt had been paid off despite the 1,036 clients paying DCM up to £240,000 per month in repayments. After DCM's 10pc commission the monthly repayments would have totalled £216,000, assuming all clients had been up to date with their instalments.

Of the client accounts analysed by ClearDebt, 18pc had seen their debts increase under DCM's management, 39pc had seen their debts remain static, the balance had fallen by an average of just 6pc.

Individual stories that emerged from the failure of DCM, which also traded as Apex, showed some customers had paid the company thousands of pounds only to find their debts had not been repaid when the company went under. Michael Jones from Gwent paid £36,000 over a period of six years only to find his debts had decreased by just £4,000 when the company went bust las.......Read more HERE