What now for Debt Doctor / DCM Introducers?

The recent collapses of debt management companies ‘Debt Doctor’ and ‘DCM Money Solutions’ has not only left the clients of each company in limbo but also the brokers, associates, affiliates and franchisees have suffered too. Between them, DCM and Debt Dr worked with hundreds of mortgage and loan introducers, IFA’s and other finance professionals, many of whom will have been left out of pocket and without a debt management company to refer to. Has the experience of working with a failed DMC put off their introducers from ever working in the industry again or are DCM’s and Debt Dr’s referrers now looking for new partners to work with?

The business model of the debt management introducer usually involves obtaining leads for core products and converting them into debt management cases if the core products don’t fit – for example loan brokers purchasing loan leads would offer debt solutions to those clients declined for the loans etc. This gives finance professionals several feathers to their bow because the more products a broker can offer their client, the more chance of converting all his leads into profitable business.

It has been reported that many of the business partners who acted on behalf of the aforementioned debt companies have been left significantly out of pocket by the respective collapses, many of whom are owed thousands of pounds in commission. Will this put them off wanting to introduce business to debt management companies in the future?
There are also rumours that for many introducers the nightmare isn’t over and that some could be liable for advising clients to use the services of these debt management companies. Realistically however, the advisers / brokers could hardly have seen the collapses coming and it would surely be harsh to lay the blame at their door. Surely, the broker / adviser would have been giving ‘best advice’ by pointing the client in the direction of debt management (as long as this actually was the best advice of course) – and nobody without the use of a crystal ball could possibly be held to blame for the collapse of a company that had never shown any signs of being in trouble. However, will many of these professionals be permanently scarred by the events that have unfolded?

Well, for any financial advisers, mortgage introducers, loan introducers, brokers, associates or any franchisees who are still up for the battle and intending to carry on in what is a challenging but rewarding industry – there is good news. Many debt management companies are still looking for any brokers who want to turn loan leads declines or mortgage declines into debt management business. Potential introducers should ensure the company they are looking to refer to are fully OFT licensed, and are paying top referral fees and offering 100% support. There are many DMC’s whose commissions may also be even better that what was on offer previously and also many DMC’s charge NO franchise fees, NO training fees, offer 24/7 access to a bespoke Introducer portals, with downloadable marketing material, compliance support and much much more. Good debt management companies will offer all of this at absolutely no cost whatsoever to debt management introducers.


Anyone up for the challenge of taking advantage of the still-buoyant debt management market, especially loan introducers looking to convert declined loan leads into business, contact UKMS today on 08000 748 059