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Debt Transfer to a Debt Agency - Mortgage Age Discrimination

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  • Debt Transfer to a Debt Agency - Mortgage Age Discrimination

    I have 12 debts which were being administered on my behalf by a Debt Management Plan (DMP) with Compass Debt Counselling of Long Eaton, Notts. I have just discovered from their near blank website that they are no longer "offering debt management services".
    This has come as quite a shock as everything had been well handled by Compass to date, except for the odd late payment.
    I have spent the last 3 days making Standing Order payments to most of my creditors and making some BACS payments where payments have been missed by Compass.
    One of the debts has been passed through at least 2 perhaps 3 DCAs and is now with Robinson Way Ltd. which does not appear to have the best reviews! 2 other debts from MBNA have been passed to LINK Financial Services.

    1. I am not questioning the legality of these transfer contracts as I believe that is no longer a defence in Law - is that correct?

    2. I have noted on many websites how important it is to have everything in writing. But I would appreciate any other advice.

    3. I have a telephone appointment with Stepchange but their enquiry form left me with very negative impressions and it did not appear to relate to the self employed of those with large debts - mine are around £87,000. Should I continue to try to arrange my own DMP with my creditors or find another DMP company (free)? So far 6 our of 12 have accepted my increased payment offers.

    4. My situation is aggravated by the fact that I am having to overpay 2 of my mortgages to satisfy 2 different lenders but my main home loan is due to mature in August 2016. I can't sell up as my wife is a very close carer for her wheelchair-bound, registered blind mother. We are very likely to get a year's extension but any adverse credit file reports could seriously affect my chance of an extension.

    5. The main home Building Society has insisted I sell my 2 Buy-to-Lets which provide £20,000+ gross per annum. I'm concerned that come August I will face an affordability test based on my revised lower income post selling the BTLs. At present I am able to overpay the home mortgage by £600 per month. The amount raised by selling the BTLs is likely to be £20K on one and about £3k on the other. I would appreciate your views on this practice of forcing someone to sell an income generating asset.

    6. A recent Age Discrimination case brought against the Co-Op Bank was found in favour of the borrower. I believe this sets a precedent for all lenders that they should not discriminate on age. But when I visited my local Building Society, the very helpful advisor told us that she could not handle our "case because of my age" (69). I feel someone younger would not have to be forced to realise assets to justify a mortgage term extension. Are they within their rights to insist I sell both - the BTL that only generates £3K equity but returns £10K per year certainly seems an unnecessary sale. The other is probably sold but the purchaser is waiting to raise the deposit and is unlikely to compete before Dec 2016, but this sale avoids the £3.5K estate agent's fees.

    I have a poor credit rating due to my DMP so I can't change lenders. I do not qualify for an IVA and Bankruptcy is out of the question and unnecessary as we will have an inheritance within a few months/years which would clear the debts.

    Apologies for the long question.
    Last edited by Wingco; 5th March 2016, 19:56:PM. Reason: 2016 not 2106! Typo
    Robbed, overcharged and revengeful.


    "I told them I was ill"

    Spike Milligan's last words and on his grave stone


    "Bugger Bognor"

    King George V on his deathbed
    Tags: None

  • #2
    Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

    Good evening Wingco welcome to LB.

    Re Compass have you had formal notification that your debts with them are no longer being serviced.

    nem
    The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

    Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

    If you receive messages from anyone offering advice for a fee please report it to the site team.


    Animo et fide.

    Comment


    • #3
      Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

      A quick check in Compass shows that contact is to be made with rmrfinancialserviceslimited@ aabrs.com
      Have you contacted this company?

      nem
      The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

      Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

      If you receive messages from anyone offering advice for a fee please report it to the site team.


      Animo et fide.

      Comment


      • #4
        Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

        Originally posted by nemesis45 View Post
        Good evening Wingco welcome to LB.

        Re Compass have you had formal notification that your debts with them are no longer being serviced.

        nem
        No, they just returned my monthly fee and then I went to their website. They were trying to pass my plan to Abbey Solicitors in manchester as a means of cutting my debt.

        - - - Updated - - -

        RMR is the same as Compass. all my payments are (were) paid by RMR and I'm now receiving letters from my creditors saying they haven't been paid.
        Robbed, overcharged and revengeful.


        "I told them I was ill"

        Spike Milligan's last words and on his grave stone


        "Bugger Bognor"

        King George V on his deathbed

        Comment


        • #5
          Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

          AABRS are insolvency practioners / business rescue - administrators. You should get in contact with them to ensure you are on the creditors list if they have gone into administration. http://www.aabrs.com/

          I'll pop back in the morning ref the rest of your post xx [MENTION=6]Amethyst[/MENTION]
          “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

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          Comment


          • #6
            Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

            That's odd - the Administrators are the same as the company being liquidated - RMR are Compass or at least they made their payments for the last 2 years. Fascinating.

            I lookf forward to your more detailed response tomorrow.
            Robbed, overcharged and revengeful.


            "I told them I was ill"

            Spike Milligan's last words and on his grave stone


            "Bugger Bognor"

            King George V on his deathbed

            Comment


            • #7
              Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

              Originally posted by Wingco View Post
              No, they just returned my monthly fee and then I went to their website. They were trying to pass my plan to Abbey Solicitors in manchester as a means of cutting my debt.

              - - - Updated - - -

              RMR is the same as Compass. all my payments are (were) paid by RMR and I'm now receiving letters from my creditors saying they haven't been paid.
              All very sudden it seems, haven't seen any comment from the FCA yet myself.

              nem
              The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

              Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

              If you receive messages from anyone offering advice for a fee please report it to the site team.


              Animo et fide.

              Comment


              • #8
                Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                Originally posted by nemesis45 View Post
                All very sudden it seems, haven't seen any comment from the FCA yet myself.

                nem
                Hi Nem
                I emailed aabrs last night by cutting and pasting the email address on the Compass website and it was returned "address unknown".
                I'll try again.
                Wingco
                Robbed, overcharged and revengeful.


                "I told them I was ill"

                Spike Milligan's last words and on his grave stone


                "Bugger Bognor"

                King George V on his deathbed

                Comment


                • #9
                  Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                  Originally posted by Wingco View Post
                  Hi Nem
                  I emailed aabrs last night by cutting and pasting the email address on the Compass website and it was returned "address unknown".
                  I'll try again.
                  Wingco
                  I'll take a look at the FCA warnings/notifications.

                  nem
                  The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

                  Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

                  If you receive messages from anyone offering advice for a fee please report it to the site team.


                  Animo et fide.

                  Comment


                  • #10
                    Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                    Hi Nem
                    I'm 'enjoying' handling my debt with my creditors myself and hopefully within 2 weeks I should know where the problem DCAs lie (excuse the pun).
                    I'm very interested in your view of the other part of my question about ageist mortgage lenders and the insistence I sell my 2 apartments with £20+K gross earnings as a condition for extending my mortgage - could i argue this is age discrimination?
                    Wingco
                    Robbed, overcharged and revengeful.


                    "I told them I was ill"

                    Spike Milligan's last words and on his grave stone


                    "Bugger Bognor"

                    King George V on his deathbed

                    Comment


                    • #11
                      Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                      Originally posted by Wingco View Post
                      1. I am not questioning the legality of these transfer contracts as I believe that is no longer a defence in Law - is that correct?
                      If you have any doubt that the debts have been sold ("assigned") then you should ask the seller to confirm it. But you can't challenge the sale because you were not consulted, if that is what you are asking.

                      2. I have noted on many websites how important it is to have everything in writing. But I would appreciate any other advice.
                      Not sure what you are asking here?

                      3. I have a telephone appointment with Stepchange but their enquiry form left me with very negative impressions and it did not appear to relate to the self employed of those with large debts - mine are around £87,000. Should I continue to try to arrange my own DMP with my creditors or find another DMP company (free)? So far 6 our of 12 have accepted my increased payment offers.
                      StepChange certainly do deal with the self employed and those with large debts. But the combination isn't common so it is perhaps unsurprising that a standard form may not feel as though it was aimed at you. If you are enjoying dealing with your creditors then there is no reason why you can't carry on with this.. But I suggest having the telephone interview with StepChange to see how it goes.

                      4. My situation is aggravated by the fact that I am having to overpay 2 of my mortgages to satisfy 2 different lenders but my main home loan is due to mature in August 2016. I can't sell up as my wife is a very close carer for her wheelchair-bound, registered blind mother. We are very likely to get a year's extension but any adverse credit file reports could seriously affect my chance of an extension.
                      Why are you having to overpay which mortgages? It would help if you could list the properties (Home, BTL A, BTL B) together with their values and the mortgages /scured loans there are on them.

                      Your credit record must be dire at the moment with such huge debts in a DMP.

                      5. The main home Building Society has insisted I sell my 2 Buy-to-Lets which provide £20,000+ gross per annum. I'm concerned that come August I will face an affordability test based on my revised lower income post selling the BTLs. At present I am able to overpay the home mortgage by £600 per month. The amount raised by selling the BTLs is likely to be £20K on one and about £3k on the other. I would appreciate your views on this practice of forcing someone to sell an income generating asset.
                      Well I would like a clearer picture of your properties and debts, but I can understand why a lender would want to see you de-risk your situation by selling the BTLs.

                      6. A recent Age Discrimination case brought against the Co-Op Bank was found in favour of the borrower. I believe this sets a precedent for all lenders that they should not discriminate on age. But when I visited my local Building Society, the very helpful advisor told us that she could not handle our "case because of my age" (69). I feel someone younger would not have to be forced to realise assets to justify a mortgage term extension. Are they within their rights to insist I sell both - the BTL that only generates £3K equity but returns £10K per year certainly seems an unnecessary sale. The other is probably sold but the purchaser is waiting to raise the deposit and is unlikely to compete before Dec 2016, but this sale avoids the £3.5K estate agent's fees.
                      The Co-op case was very different. the borrower was 59, with a repayment mortgage and a good credit record. Any lender that doesnt want to lend to you (and that is likely to be most of them!) can just point at your pile of unsecured debt and poor credit rating.

                      You have an interest only mortgage. The lender is under no obligation to extend at all. I don't think age discrimination can be relevant here.

                      I have a poor credit rating due to my DMP so I can't change lenders. I do not qualify for an IVA and Bankruptcy is out of the question and unnecessary as we will have an inheritance within a few months/years which would clear the debts.
                      I don't know how much equity you have, but equity release may be a possibility? Financially you would be much better off selling the house. is there nowhere close by you could rent?

                      Comment


                      • #12
                        Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                        Hi Nem

                        I've heard back this morning from AABRS, the Administrators, and Compass Debt counselling have indeed gone into administration. I was more than happy with Compass; they helped me, non-judgementally, at a very critical time and have given me 2 years' breathing space.

                        Back to self-administered DMP or Stepchange or PayPlan or CAB.

                        I have a day of sending CCA letters to the DCAs - such fun.
                        Robbed, overcharged and revengeful.


                        "I told them I was ill"

                        Spike Milligan's last words and on his grave stone


                        "Bugger Bognor"

                        King George V on his deathbed

                        Comment


                        • #13
                          Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                          Originally posted by Wingco View Post
                          Hi Nem

                          I've heard back this morning from AABRS, the Administrators, and Compass Debt counselling have indeed gone into administration. I was more than happy with Compass; they helped me, non-judgementally, at a very critical time and have given me 2 years' breathing space.

                          Back to self-administered DMP or Stepchange or PayPlan or CAB.

                          I have a day of sending CCA letters to the DCAs - such fun.
                          Well at least you now know what the score is.

                          Did Compass hold any funds of your when they went into administration?

                          nem
                          The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

                          Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

                          If you receive messages from anyone offering advice for a fee please report it to the site team.


                          Animo et fide.

                          Comment


                          • #14
                            Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                            Originally posted by nemesis45 View Post
                            Well at least you now know what the score is.

                            Did Compass hold any funds of your when they went into administration?

                            nem
                            I was paying £300 per month and only about £80 was going to my debts - the original plan was for £150 to go to my debts - I complained about this as it meant £220 was being paid against the Compass fee. Their response was that their terms state that the fee is added to the debt amount and any surplus from the monthly token payments goes against their fee. Accordingly, the fee of £9000 (!!!!) was still outstanding over £5000 after 2 years. Not satisfactory but there was little I could do about it.

                            So I'm sure they will argue I don't have any funds owed to me on my account.

                            but I may just apply so that I can go to the Administrator's creditors' meeting on 21st March - it could be interesting.
                            Robbed, overcharged and revengeful.


                            "I told them I was ill"

                            Spike Milligan's last words and on his grave stone


                            "Bugger Bognor"

                            King George V on his deathbed

                            Comment


                            • #15
                              Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

                              Originally posted by Wingco View Post
                              I was paying £300 per month and only about £80 was going to my debts - the original plan was for £150 to go to my debts - I complained about this as it meant £220 was being paid against the Compass fee. Their response was that their terms state that the fee is added to the debt amount and any surplus from the monthly token payments goes against their fee. Accordingly, the fee of £9000 (!!!!) was still outstanding over £5000 after 2 years. Not satisfactory but there was little I could do about it.

                              So I'm sure they will argue I don't have any funds owed to me on my account.

                              but I may just apply so that I can go to the Administrator's creditors' meeting on 21st March - it could be interesting.
                              Really sounds like the " principals! of Compass have been syphoning off most of the money paid in by their clients it will
                              be interesting see the accounting details.

                              nem
                              Last edited by Amethyst; 7th March 2016, 17:30:PM.
                              The advice I give and draft letters provided are drawn from personal experience and career training and are given freely and without liability.

                              Please make your own decisions with care and if necessary seek qualified legal advice. I will not advise by private message. If you'd like me to look at your post please tag me in your post by typing @nemesis45;.

                              If you receive messages from anyone offering advice for a fee please report it to the site team.


                              Animo et fide.

                              Comment

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