Compass debt company

[Wingco]

Re: Compass debt company

1. They can demand/ask, but a court could not enforce any such demand if it went to court and remained in default.

2. They can ask. You are not obliged to supply one, except by order of the court, CCA or no CCA.

3. s87 default, no if one has already been issued and not remedied. CRA default, no if already has been one, and they would be restricted on date.

4. What is fair is what is affordable pro rata. End of.

Excellent - that has put my mind at rest.

My intention will be to stop payments after 12+2 working days 24/25th March for those that haven't provided the information from the CCA letter. Even the one that has replied so far has only said that they are going to the 'originator' and that my account is now on hold.

get the strong sense that most of these debts are bought at 10p in the pound (even less for those agencies that by third hand debts) with little or no back-up paperwork and rely on the scatter gun and fear technique to make their money?

[Nibbler]

Re: Compass debt company

Some are indeed like that. Some can and do come back with the right paperwork, which makes it enforceable against you including anything you may have withheld.

So stopping payments while they are in default of a CCA request is always a calculated risk.

Some people just think the no CCA after 12 + 2 days = stop paying, no matter what.

I would always say that you have to look at each one on a case to case basis, thinking what may happen should they turn up something in the end, even if that may be months and months down the line.

[Wingco]

Re: Compass debt company

I'm changing my mind about withholding payments - is there anything to lose, other than the monthly amounts paid out whilst waiting the 3-4 months?

[Amethyst]

Re: Compass debt company

I'm changing my mind about withholding payments - is there anything to lose, other than the monthly amounts paid out whilst waiting the 3-4 months?

No.

Quite a few debts ARE bought at under 10p in the pound. ( see attached 1st Credit/Vanquis )

[Nibbler]

Re: Compass debt company

I have/had one somewhere which shows about 12%?

(can't find pdf at the moment)

[Wingco]

Re: Compass debt company

I'm sure their scatter gun technique in buying hundreds of unsecured, defaulted debts must be worth it as many people will be scared into paying unenforceable loans.
This week is the big week for the time limit on the CCA letters I sent out on the 8th March.

Amethyst (ref our PM) - I sent out a final demand for that business debt by recorded delivery this morning. Let's see what response I get. Ears crossed.

Should be an interesting week!!!

[Amethyst]

Re: Compass debt company

You & Yours today http://www.bbc.co.uk/programmes/b074149j ( first story - so 48 secs in )

[Wingco]

Re: Compass debt company

Missed it - what was the theme? Anything interesting said?

[Nibbler]

Re: Compass debt company

The link Amethyst posted above allows you to "listen again" to it.

[Wingco]

Re: Compass debt company

The link Amethyst posted above allows you to "listen again" to it.

Thanks Nibbler. I hadn't realised that - just listened to it.

I think they failed to put the positive side of Debt Management Companies; Compass helped me at a critical time and did it in a very non-judgemental way. I'm not condoning what they have done to hundreds of people with substantial pots but they sure relieved my stress big time.

I've sent Radio 4 a message.

I accept that Compass overcharged me and should have paid a lot more to my creditors but it is hard to imagine how much that didn't matter at the time when you are getting plagued by aggressive letters and phone calls which stopped instantly thanks to Compass. I feel it is a bit ingenuous for Compass Clients to complain after the event about the fees (the potential loss of their 'pot's is another thing) and forget the huge relief they provided at the outset of their DMP.

Compass may have set up a separate client 'pot' account and it is criminal if they haven't, but my dealing since with one of the charity DMCs would have pushed me over the top back in 2014. I also accept I was unlucky in the guy I spoke to and clearly others are delighted with the help they have been given FREE of Charge.

[Celestine]

Re: Compass debt company

Crikey Wingco...you have a rather large heart. I totally understand that relief you describe. Having worked with hundreds of debt laden people, the phone call to let them know the worry was over, often triggered tears of relief. BUT, with this duty comes huge responsibility. Luckily, I worked in a fully regulated and respected law firm, so we were bound by rules of having the clients best interests at heart.

I feel that Compass offered you huge relief at what was obviously a terrible time, but in hindsight...professionally, was that best long term advice? Your 'breathing space' may have felt temporarily marvellous but it ultimately cost lots of you far more in the long run. xxx

[Openlaw15]

Re: Compass debt company

Thanks Nibbler. I hadn't realised that - just listened to it.

I think they failed to put the positive side of Debt Management Companies; Compass helped me at a critical time and did it in a very non-judgemental way. I'm not condoning what they have done to hundreds of people with substantial pots but they sure relieved my stress big time.

I've sent Radio 4 a message.

I accept that Compass overcharged me and should have paid a lot more to my creditors but it is hard to imagine how much that didn't matter at the time when you are getting plagued by aggressive letters and phone calls which stopped instantly thanks to Compass. I feel it is a bit ingenuous for Compass Clients to complain after the event about the fees (the potential loss of their 'pot's is another thing) and forget the huge relief they provided at the outset of their DMP.

Compass may have set up a separate client 'pot' account and it is criminal if they haven't, but my dealing since with one of the charity DMCs would have pushed me over the top back in 2014. I also accept I was unlucky in the guy I spoke to and clearly others are delighted with the help they have been given FREE of Charge.

Concerning the 'relief' aspect I do know what you mean but still, it's like paying a racketeer to stop criminal gangs only to find out you were worse off, although at the time you enjoyed the peace the racketeer was profiting from your misfortune.

[Wingco]

Re: Compass debt company

Crikey Wingco...you have a rather large heart. I totally understand that relief you describe. Having worked with hundreds of debt laden people, the phone call to let them know the worry was over, often triggered tears of relief. BUT, with this duty comes huge responsibility. Luckily, I worked in a fully regulated and respected law firm, so we were bound by rules of having the clients best interests at heart.

I feel that Compass offered you huge relief at what was obviously a terrible time, but in hindsight...professionally, was that best long term advice? Your 'breathing space' may have felt temporarily marvellous but it ultimately cost lots of you far more in the long run. xxx

I'm more concerned about the very negative reporting that may stop people using any DMC. I've just listened to my local lunchtime news. The headline news was "Man pleads with people not to use Debt Management Companies" There was no qualification to suggest Free/Charity DMCs were very useful. The guy interviewed was ex-Compass and he was near the end of his plan and lost £2000 - that is dreadful but the interviewer and the headline showed absolutely no balance whatsoever.

One of my close friends noticed an amazing difference in my attitude as soon as Compass took my case on and said that she could see a massive load had been lifted off my shoulders. I deal with people with addictions and depression daily and I'm a stress management trainer, so I was better equipped to deal with my own depressing debt situation but it did take an enormous drain on my resources and sleepless nights. loss of concentration and a feeling of huge embarrassment overtook my life.

I was well aware of the free/charity DMCs (well at least PayPlan, Stepchange & CAB) but you cannot imagine the vast differences in response times, attitude and sympathy shown at that time. Of course, Compass took £71 per month more than verbally agreed, and that should have gone to my creditors. But I am genuinely not bitter; if I had been with them for 10 years and lost thousands, clearly I would be far less sympathetic and no doubt devastated.

When Compass collapsed, I was in the process of questioning their overcharging but I doubt they would have done anything about it. I was about to go to a Free DMP but then the bad news came through.

Some of the news reports are damaging the good DM Companies.

[enaid]

Re: Compass debt company

I think even though most on here would be shocked at the amount taken out of your monthly payments by Compass and the fact many pots have gone awol, it is bottom line what works for you. If you were satisfied and if they had honoured what they initially promised to do then sites like LB would be a lot quieter.
I think people still believe you get what you pay for and how can they get help for free, well they can and great help it is too.

[Wingco]

Re: Compass debt company

Concerning the 'relief' aspect I do know what you mean but still, it's like paying a racketeer to stop criminal gangs only to find out you were worse off, although at the time you enjoyed the peace the racketeer was profiting from your misfortune.

The Banks are 'racketeers' in Savile Row suits and Bentleys. My Bank of 45 years did nothing to help me and yet there was thousands in hidden PPI on my loans!

(The system wouldn't let me thank you and Celestine for your welcomed comments - I'll try again later).

Wingco