Debt Transfer to a Debt Agency - Mortgage Age Discrimination

[Wingco]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

I don't think they defaulted me - I'll have another look but last time only Sigma Red showed as a default on a GE Money loan (?).

But you are right, I need to see my paperwork and will sort out the SAR tonight. Another £10 but I think I will send it recorded 0 it's not too painful and the Administrators will be very busy.

I'm going to lodge a claim for all the amounts over the contracted £150 (50% of my £300 monthly payment) which Compass used to reduce my total plan fee due to Compass. I never got a satisfactory answer as to why they weren't paying out £150 to my creditors but when you get the total feeling of relief that a DMP gives, it seems churlish to write and complain. I did, but far too late.

[Wingco]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

They probably DN'd me to Compass but not to the CRAs. (I've learnt a whole new acronym language on here: CRA, DCA, CCA, FCA, SB, DN and Bog Roll):tongue2:

[Nibbler]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Well I am guessing here, but I suspect they were one of the DMP firms that were going in for the definitely dodgy practice of making token payments to lenders and saving up the rest in the hope of making low full&final offers.

The problem with what sounds like a great wheeze is that some creditors see from the income & expenditure what game is being played and promptly refuse to freeze interest.

They certainly were at an earlier stage in their history, and still held substantial settlement funds for some people it seems.

Sadly here there are some bad cases:

http://forums.moneysavingexpert.com/....php?t=5424617

I am in the same boat, I had over £5000 in my client fund, what happens to this as its not their money?? Am I protected by the FSCS?? stressed!!!!!

I'm too in the same boat!! Had 4K in my client account!!! Gutted cause that light at the end of the tunnel was getting within reach and now this has happened �� I may be naive but isn't this a type of theft especially if they've known they were in trouble whilst still taking people's money����

Hi There , I am sorry to hear of your problem with Compass , I am also a client of theirs & on 22nd January 2016 they rang me to instruct me to stop paying any further money as they were about to negotiate a settlement with my creditor , I owe my creditor 2728.84 & I have held with Compass approx 2300.00 or thereabouts.

I had no reason not to believe what they asked me to do but this obviously turned out to be a lie & they had/have had no contact with my creditor since 10.11.2015. As I am finding out there are new cases of their clients popping up by the day who have been ripped off with their money held/lost with Compass.

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

I don't think they defaulted me - I'll have another look but last time only Sigma Red showed as a default on a GE Money loan (?).

But you are right, I need to see my paperwork and will sort out the SAR tonight. Another £10 but I think I will send it recorded 0 it's not too painful and the Administrators will be very busy.

I'm going to lodge a claim for all the amounts over the contracted £150 (50% of my £300 monthly payment) which Compass used to reduce my total plan fee due to Compass. I never got a satisfactory answer as to why they weren't paying out £150 to my creditors but when you get the total feeling of relief that a DMP gives, it seems churlish to write and complain. I did, but far too late.

Just to be aware, it could take some time to sort out, if the way Bournes are still going through the administration process 2 years on is anything to go by - http://legalbeagles.info/forums/show...administration

Do you have ANY copies of the terms and conditions you signed up to with Compass ?

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Do you have any more info on the Abbey Solicitors contact ? Quiet a few reports of people having been contacted by Abbey offering to 'write off debts'.

Have tweeted AABRS to ask for contact details.

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

The fees you were paying Wingco don't seem to scan with their terms and conditions on their website. However they could have changed since you signed up with them

a) Our fees are based on the number of creditors you have. Setup Monthly charge (this is capped at 45% of your disposable income). This fee is charged for the first six months:

0 to 3 creditors £55
4 to 6 creditors £60
7 to 9 creditors £65
10+ creditors £67.50

After that we charge a monthly management fee (this is capped at 25% of your disposable income):

0 to 3 creditors £25
4 to 6 creditors £30
7 to 9 creditors £35
10+ creditors £37.50

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Putting some terms on here http://legalbeagles.info/forums/show...798#post630798 - some from February 2012 posted there.

[Wingco]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Just to be aware, it could take some time to sort out, if the way Bournes are still going through the administration process 2 years on is anything to go by - http://legalbeagles.info/forums/show...administration

Do you have ANY copies of the terms and conditions you signed up to with Compass ?

Yes, but it doesn't specify how much they will pay to my DCAs/CC - that was verbal by their agent. So I won't stand much chance of getting any money from the Administrators. From what I've learned so far, there is no property or assets, just office furniture/equipment; I fear people are going to lose money and have to restart from scratch with either their own DMP or go to one of the free ones.

So far, I've had really good responses from Banks, Credit Card Companies and Link Financial who have responded immediately to my letters (recorded delivery to Link). My experiences with a free DMP have been very disappointing; they are probably very correct in what they say and do but it felt inflexible and worlds away from reality and how Compass treated me at the start. As mentioned previously, you get a distinct sense the free DMPs feel someone with good pensions and property doesn't need a DMP. Comments like "Your creditors won't accept your Sky TV or mobile phone bills" is nonsense when they have been accepting even higher mobile and Sky costs for 2 years.

They also failed to understand that in running down a business you still have phone contracts, accountant's fees, Companies House costs and website costs with many months to run. They seem to ignore prudent HMRC Tax savings!! Whilst it looks on paper that I could raise a lot of money by selling 3 properties (2 x BTLs), I can't afford to lose the BTL income (£20+K which pays a substantial element of my 3 mortgages totalling £488K with property values of £690K) nor can I move away from a disabled, blind dependent relative. My DMP would be for only a couple of years at most until I inherit. I'm not their typical DMP client, if there is one?

I'm leaning towards doing my own DMP unless I run into problems with a couple of DCAs who are not responding to letters. but they still have 12 days of the 14 allowed, so I'm hopeful they will co-operate with me particularly with the knowledge I've gained from everyone on here. They probably realise they are dealing with someone who is armed with the best information and no doubt they won't all have the enforceable papers!

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Yes, but it doesn't specify how much they will pay to my DCAs/CC.

Any chance you can upload or send me a copy ( admin@legalbeagles.info )

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

So I won't stand much chance of getting any money from the Administrators. From what I've learned so far, there is no property or assets, just office furniture/equipment; I fear people are going to lose money and have to restart either their own DMP or go to one of the free ones.

So far, I've had really good responses from Banks, Credit Card Companies and Link Financial who have responded immediately to my letters (recorded delivery to Link). My experiences with a free DMP have been very disappointing; they are probably very correct in what they say and do but it felt inflexible and worlds away from reality and how Compass treated me. As mentioned previously, you get a distinct sense they feel someone with good pensions and property doesn't need a DMP. They also failed to understand that in running down a business you still have phone contracts, acountant's fees, Companies House costs and website costs with many months to run. Whilst it looks on paper that I could raise a lot of money by selling 3 properties (2 x BTLs), I can't afford to lose the BTL income (£20+K) or move away from a disabled, blind dependent relative. So my DMP would be for only a couple of years at most until I inherit. I'm not their typical DMP client, if there is one?

I'm leaning towards doing my own DMP unless I run into problems with a couple of DCAs who are not responding to letters. but they still have 12 days of the 14 allowed, so I'm hopeful they will co-operate with me particularly with the knowledge I've gained from everyone on here. They probably realise they are dealing with someone who is armed with the best information!

Sadly I suspect you are probably right if Bournes are anything to go by. I do agree with you about Stepchange and co being a bit inflexible, but you can use them as a backup while you sort things out yourself. Compass have given you some breathing space, but they have cost you a lot of money in the process.

[Wingco]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Do you have any more info on the Abbey Solicitors contact ? Quiet a few reports of people having been contacted by Abbey offering to 'write off debts'.

Have tweeted AABRS to ask for contact details.

I emailed them for some answers but never got a reply - their information pack leaves a lot to be desired.

- - - Updated - - -

Any chance you can upload or send me a copy ( admin@legalbeagles.info )

Yes, will do. give me a couple of days though as off out soon and I'm not gret at scanning and uploading.......................it's me age.

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

lol, a pic on your phone is okay by me - so long as its readable.

Would love to see the Abbey Sols info pack too.

::behindsofa:

[Wingco]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

The breathing space was invaluable and I don't begrudge the fees they OVERcharged me. Thinking back, it was a nightmare; I thought I would lose everything but their agent was calm and reassuring and assured me it would all be resolved and it was. I wasn't sleeping and my business suffered even more due to my lack of attention.
I'm certainly happy to have them as a back up but somehow I doubt they will accept my Sky TV, my mobile phones and HMRC savings. They also didn't like my mortgage overpayments as they are not contractual; but if I don't make the extra payments they will terminate my mortgage.
I am confident the last two DCAs will acept my DMP terms - we shall see.
Sorry for the late reply - I've only just seen your advice re Compass' T&Cs with their rates - boy was I overcharged!!!!!!!!!

- - - Updated - - -

I'll send the Abbey pack to you - it's useless to me.
Phone pic is a great solution for me.

[Wingco]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

The fees you were paying Wingco don't seem to scan with their terms and conditions on their website. However they could have changed since you signed up with them

Fascinating - they charged me more than double those figures! But I feel it is water under the bridge. At the outset, I was happy to pay them £300 per month and when I noticed they were only paying £80 to my debts, I received assurances that the figures were bound to increase as other debts are added (?). I was getting nowhere in my attempts to restore the original plan figures, albeit verbal from their agent. I'm searching for his pencilled illustration. No luck so far.

[Amethyst]

Re: Debt Transfer to a Debt Agency - Mortgage Age Discrimination

Thank you xx

I don't doubt they were very good salesmen. And with your situation being slightly out of the ordinary they may well have been more suitable for you over Stepchange ( putting to one side the dodgy overcharging behaviour )

I am a little concerned about your credit file.... all those debts being paid at token amounts each month you must have been defaulted and have markers on your CRA files. It's important because it matters how you act now - ie if they haven't already defaulted you and you now default then that's 6 more years on your file, whereas if they defaulted you when you got into problems you'd be two years through that now.

Have you looked on Noddle ? https://www.noddle.co.uk/