Compass debt company

[Celestine]

Re: Compass debt company

Over the last few days, I have been writing to the CEO's of each of the debt purchase companies to whom most of you owe money. I didn't want to say too much until we'd had some responses but so far Lowell and 1st Credit have responded in support of our proposal to remedy the harm caused to you all. It's one thing to lose this money but then to have to find it all over again is too much so hopefully this solution will go some way to reducing the debts owed and to take account for what you had already paid Compass.

I may start a new dedicated thread on this but I'd like you guys to tell me who your creditors are so that I can contact them similarly and hopefully get the whole industry responding the same way.

1st Credit CEO Compass.pdf

TO: Eddie Nott
CEO 1^st Credit Limited
The Omnibus Building.
Lesbourne Road, Reigate, Surrey RH27JP



Dear Mr Nott

I am writing to you because three weeks ago, Compass Debt Counsellors ceased trading losing a large amount of client money before the process of liquidation commenced.

I co-own the LegalBeagles consumer advice forum and we are dealing with a large number of Compass victims who as you can imagine are in a highly distressed and confused state right now. Forums like MoneySavingExpert and LegalBeagles are right in the front line of such situations and we are very concerned about the welfare of the 1000+ victims.

Compass operated an unusual and unregulated debt management technique whereby large sums of money accumulated in ‘pots’ to use as full and final settlements further down the line of the debt management programme. However, with the liquidation of the company, these pots estimated to have held around £2 million have disappeared leaving the former clients in even greater debt and effectively back to square one.

In the fullness of time it may transpire that these victims will be proven to have fallen victim to criminal activity by the Directors of Compass but for now the immediate priority is getting these people into safe and secure financial positions with the help of free debt management charities like StepChange and Payplan.

These people are not debt avoiders, they have been steadily paying off their debts to your company for many years and are trying to be responsible. It is devastating to see how they have been betrayed by a FCA regulated company that was supposed to guide them safely back to solvency.

We know that your company is aware of this group of consumers and reports back have indicated that your telephone operators have largely acted with sympathy and have frozen accounts for 30 days to allow them to sort out their finances. However, we are also seeing people rush into bankruptcy and IVA solutions which are not necessarily the best solution for anyone involved.







Here is just a selection of quoted comments from the victims:

“I told my wife today and she has left me”

“I am hearing so many stories like mine and feel sick most of the time with worry. Am in the process of working with step change. But finding it hard to believe that it is gonna take me another 4 yrs to clear what I thought was already sorted.”

“Feel like crying I'm in for about 25k what a set of bastards”

“I was informed by compass August 2015 that all was settled and did not have to pay compass anymore, this was after a 5 year plan did every thing they said, never missed a payment. So been feeling positive about being debt free for nearly 7 months, having extra money felt a real boost after 5 years of struggle,
then earlier this month started to get letters saying we still had all this debt and compass had ceased trading, what I'm finding out is the debt we started of with over 5 years ago we still have, I had over £14000 fourteen thousand in the pot for final settlement, can't begin to tell you how I feel, I am currently trying to pay these debts again by myself so would like advice if you can.”

-------------------------------------------------------------------------------------------------------------------------
The reason we are specifically writing to you as CEO of 1^st Credit is to make a very bold request.

We as a consumer organisation know that 3^rd party debt purchase usually occurs between the original creditor and yourselves for around 10% of the face value of the original debt.

This is very unique opportunity for 1^st Credit to do something remarkable and benevolent for these victims of financial fraud. You could elect not to make any further profit from these individual cases in recognition of the extreme circumstances they have experienced.

If 1^st Credit was prepared to consider 10% F&F settlements or repayment plans, this single act would make an enormous difference to the perception of what these people have lost. Because not only have they lost one large amount, they now have to find that all over again and as you can imagine that is a soul destroying obstacle for these people to face.

There is also the option to consider that 1^st Credit could be subrogated for these debtors in the liquidation process to recover any potential funds back from the former Directors of Compass Debt Counselling. The liquidators report is available to view here:
http://lbcompare.co.uk/letter-from-l...-2016/#respond

I hope that you will be able to make this remarkable offer to this unfortunate group of people. I am directly involved with the creditors group and can liaise as appropriate to put this measure in place.





I am also writing to the CEO’s of all other UK debt purchase companies involved with the Compass client group. I shall be discussing this letter request I am making to you on BBC Radio 4 You & Yours on Wednesday 13^th at 12.15pm. It would be wonderful to have some agreement in principle so as to be able to report some positive news. There are hundreds of Compass victims who have not come forward, not sought help and we are extremely concerned for their welfare so I dearly hope your company is able to make a huge difference to the outcome for these people.

I very much look forward to hearing from you.

Kind regards



Kate Briscoe

Chief Executive Officer
LegalBeagles
LBcompare

0300 303 2020

[Amethyst]

Re: Compass debt company

LIQUIDATION - and no FCA auth. Looks like CALL CREDIT applied to wind them up.

COMPANIES HOUSE _ LIQUIDATION - https://beta.companieshouse.gov.uk/company/06934204

No FCA auth either.

Firm name:		Aberdeen Financial Limited
Interim Permissions reference number:		629108

Registered Name	Aberdeen Financial Limited
Previous Registered Names
Trading Names	Open Door Loans, Open Door Lending, Open Door Financial 247, Open Door Finance 247, Open Door Financial, Open Door Loans 247, Open Door Finance, Open Door Lenders 247, Open Door Loan, Open Door Lenders, Open Door Lending 247

[aidierobbo]

Re: Compass debt company

Hi guys,

I should really start a new thread but does anybody know if "OPEN DOOR LOANS" are still in business? Compass were paying them £2 a month but I can't find them anywhere on the internet. I have a feeling they are no more!!

[Mrsmac]

Re: Compass debt company

Hi guys
I to was with compass and in Dec told me they were putting me for an Iva after being on dmp with them for 2yrs
A man called Ian was dealing with this and put me on to aperture,
I had £1500 in my pot and had to fight to get that back when the Iva went through, I did get it back thank god but took a while
They took £5000 in fees off me and then put me on an Iva and got more fees through that
Robbing gits!

[EXC]

Re: Compass debt company

You & Yours BBC Radio 4 tomorrow (Wednesday) 12.15.

Care home fees, Tesco, Debt management firms

http://www.bbc.co.uk/programmes/b0766g4x

[EXC]

Re: Compass debt company

Looking at doing our own DMP, is there a letter template you need to send to creditors offering an amount, or do you just ring them up????

Much better to keep it in writing. I'd actually hold off for a day or two before approaching your creditors.

[Cat80]

Re: Compass debt company

Thanks, will keep trying! Trying 2 get all my paperwork together but can't find the original agreement with Compsss as It started nearly 10 years ago 😣

[Nibbler]

Re: Compass debt company

There is a very good self managed DMP plan you can set up and run here:

https://nedcab.cabmoney.org.uk/dmp.asp

Will help you do everything the right way, with letters, budgets etc.

You don't have to be in that CABs area to use it. Anyone can.

[Raspingolive]

Re: Compass debt company

Looking at doing our own DMP, is there a letter template you need to send to creditors offering an amount, or do you just ring them up????

[enaid]

Re: Compass debt company

I've now made 2 monthly payments to Abbey Solicitors & my calls not being returned! Should I cancel the standing order??

Hi Cat, hope you manage to sort out your creditors either through Stepchange or can manage to do this yourself. Plenty of help on here no matter which way you chose to go.

[Goldragon]

Re: Compass debt company

I've now made 2 monthly payments to Abbey Solicitors & my calls not being returned! Should I cancel the standing order??

Yes cancel the standing order. I managed to get a call back yesterday but it seems to be one guy trying to deal with thousands of calls by all means keep trying but also try email and send a cancellation letter that way you got all bases covered.

[Cat80]

Re: Compass debt company

I've now made 2 monthly payments to Abbey Solicitors & my calls not being returned! Should I cancel the standing order??

[Cat80]

Re: Compass debt company

Same here! 😣 Was told that If Abbey couldn't settle my claim would go back to original agreement with Compass & I had £2700 in the pot

[D3wanabee]

Re: Compass debt company

Hi everyone. We are compass victims too, we've been reading the thread for a few weeks, your posts have been a great help.

Similar story to everyone else, same non existent pot that was for FFS, missing balance on November statement, no contact from Abbey but a letter from compass saying a solicitor would be in touch so it's clear they knew full well what was happening. We've completed all the liquidators papers but guess the chance of any recovered funds are very slim if at all non existent. Luckily we didn't have much in the pot compared to others. We struggled throughout the plan and ended up with missed payments so the pot was used instead. In a way I'm glad now but we are no further forward than 10 year ago when we signed up. It did get the creditors off our backs though so that was a massive plus it was making us both unwell.

We've setup our own DMP now, used the national debt helpline web site to work out our financial statement, we are able to offer our creditors significant increase in monthly payments so we are really pleased about that.

So far one accepted and I've had calls from two others. I've ignored the calls don't really want to speak to anyone. Am I within my rights to do this?

Hoping the others will accept, not sure what to do if they don't, maybe send CCAs perhaps I should have done this in the first place? I just didn't want to get their backs up and want to honour our debts.

Will see how it all goes but so far we are pretty happy and although still a little stressed about the others am praying they will accept.

Good luck everyone

[Unlimited5]

Re: Compass debt company

Thank u Unlimited5 - which is the best way of paying the £1 fee, don't assume I can just put a pound in an envelope!

I enclosed a cheque for each one.