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Compass debt company

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  • Re: Compass debt company

    There were lots of "We don't know" answers at the liquidator's meeting. How many clients are there: "We don't know". Where has all of the clients' £1M+ gone?: "We don't know" Did you read the accounts or just sign them? "I don't know". How was the money allocated to the clients' account?: "We don't know." Interestingly, at this point one of the more apologetic Directors seemed to blame Bob Solloway, who shook his head. Why do the 2013 and 2014 accounts have this large discrepancy?: "We don't know."

    Even when they were asked when they knew the game was up Bob Solloway corrected the date given in the report.

    You can imagine the response of the audience to this type of answer. But I tend to believe they had very little idea or knowledge of precisely what was going on. They weren't even sure of their 2015 dividend payments when they weren't operating in profit, but perhaps that would be incriminating. Perhaps they were hoping for a Ponzi type money feeding future, but in 2014 they were stopped from taking on any more new clients by the FCA, I believe. (Sorry, my report sheet was removed by somebody at the meeting.) I was taken on (in) in February 2014.
    Wingco
    Last edited by Wingco; 31st March 2016, 18:47:PM.

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    • Re: Compass debt company

      There were plenty of people who were getting statements from Compass showing payments made to creditors but 6 years later they were being told that no payments had been made. One woman had 2 accounts that apparently had been ignored by Compass for 8 years and only discovered this when she contacted all of her creditors. She then started paying them - you just wouldn't believe it. But she didn't want to leave debt for her children and just wanted to be honourable and pay it back I understand the SB rules and the people I spoke to had not had any contact or payments to one or 2 of their creditors for over 6 years. I very much doubt Compass had either and were probably playing the odds they would be ignored - one of her monthly payments was £2 per month but it just wasn't going out to the creditor.

      You could write a book about most of the cases I heard there - a police woman who was told, I believe face-to-face by one or 2 of the directors that all was well and the creditors couldn't put a charge on her house; they did, whilst she was pregnant - she was very distressed. She could now lose her job and her house. She had little money to get through to her next pay day and asked some very blunt and challenging questions to the Directors.
      She told one irate father at the meeting representing his daughter to withdraw a direct physical threat to the directors - he changed his wording........slightly. But the other policeman Compass client was about to arrest him - exciting stuff. Another got up during the report reading, swore atrociously at the Directors using the C word, and stormed out. He was the first to leave - a couple of others slipped out early.

      Also the young lad with the £400 escalating with PDLs and other loans, I really don't have much detail on. But he got no help from Compass and I really agree with his mother that some of his loans were sold to someone under 18, unemployed and therefore he could rightly contest them - is that correct?
      Wingco
      Last edited by Wingco; 31st March 2016, 18:22:PM. Reason: typos - need new glasses

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      • Re: Compass debt company

        I don't know whether this is of use?

        http://www.mln.org.uk/siteFiles/reso...0liability.pdf
        CAVEAT LECTOR

        This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

        You and I do not see things as they are. We see things as we are.
        Cohen, Herb


        There is danger when a man throws his tongue into high gear before he
        gets his brain a-going.
        Phelps, C. C.


        "They couldn't hit an elephant at this distance!"
        The last words of John Sedgwick

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        • Re: Compass debt company

          Thanks Exc - that sounds very similar if not identical. Barclays and World Pay support my comments about not taking action too soon. I can't say more than that but I'm sure you know what I 'm alluding to.

          Dividends were allegedly paid out after they must have known they were in trouble. My accountant rightly jumped on me when I took slightly more in dividends than I had in profits - I had to sort it out fairly promptly - so why are their accountants not liable too? Mine told me that unless I resolved the account, he could no longer work for me - and he's a friend. Can the accountants be held responsible? Probably not, but there is something very fishy with the Compass accounts - I'm sure the liquidator will get to the bottom of it all - what a horrible job, but it pays well.

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          • Re: Compass debt company

            Brillliant, I assume it applies in England as this was a NI case? But it was my understanding that as soon as fraud is committed the directors become liable - it's just that fraud is often extremely difficult to prove.

            In the Compass case, it is clear that there is probably no proven claim to a client that they had a 'pot'. It is assumed from phone calls and face-to-face meetings - nothing in writing. But if enough people advise that was what was said, surely there is enough evidence to make a case?

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            • Re: Compass debt company

              Can the accountants be held responsible?
              I doubt it. Accountants can only work with the information they're given by the directors. I don't know if the company was audited but auditors have a higher degree of accountability.

              On your point about the administrator advising creditors not to report to Action Fraud etc, the administrators themselves have a legal duty to report any conduct issues with the directors. I know of one case where a dodgy insolvency practitioner did a deal with the directors of a company they were administering where no report was filed when subsequent legal procceedings established that it should have been. I'm not suggesting that this is the case here, just saying it does happen.

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              • Re: Compass debt company

                Originally posted by Wingco View Post
                Brillliant, I assume it applies in England as this was a NI case? But it was my understanding that as soon as fraud is committed the directors become liable - it's just that fraud is often extremely difficult to prove.

                In the Compass case, it is clear that there is probably no proven claim to a client that they had a 'pot'. It is assumed from phone calls and face-to-face meetings - nothing in writing. But if enough people advise that was what was said, surely there is enough evidence to make a case?
                Maybe this ?
                CAVEAT LECTOR

                This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                You and I do not see things as they are. We see things as we are.
                Cohen, Herb


                There is danger when a man throws his tongue into high gear before he
                gets his brain a-going.
                Phelps, C. C.


                "They couldn't hit an elephant at this distance!"
                The last words of John Sedgwick

                Comment


                • Re: Compass debt company

                  There is certainly nothing in your agreement WIngco about savings for F&F settlements. If anyone else has a copy of their agreement with Compass that would be extremely useful to see whether Wingco's is the standard for everyone.
                  #staysafestayhome

                  Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

                  Received a Court Claim? Read >>>>> First Steps

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                  • Re: Compass debt company

                    That connection is a double edged sword. It might make 'people' wary of pressing her too hard - I reckon the Mail is a little to the right:beagle2222:. But it could allow us some leverage - certainly this point was discussed in the committee meeting after the main meeting. I'm all for making hay whilst the sun shines with the 'connection'. She has denied any knowledge whatsoever - who believe that? But proving it is near impossible.
                    :doggieyes:

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                    • Re: Compass debt company

                      Er, how did this forum get locked?
                      We are aware that the Directors3 can view these pages? I think a post may have been removed. Wingco can you PM me on here? I cannot seem to find a way to PM you...

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                      • Re: Compass debt company

                        My posts are being misunderstood. I'm sure I didn't say that and if I did it needs to be erased. He doesn't want people to take legal action now - processes have to be followed. We are dealing with people who have already said they have taken action through the Police - it may, therefore, be too late.
                        The liquidator has said precisely that; he must report criminal acts, and he has told the directors that in no uncertain terms - they are very scared. If what he suspects is the case is proven he will report them - he knows his responsibilities. He is not striking a deal with the directors. He did not tell us 'not to report any conduct issues'. He told us that pre-emptive strikes could result in the plug being pulled and no-one left to do the detailed work except the Action Fraud office. Often in these cases people go in with both feet and no thought, and it results in the liquidation being halted. That helps no-one. But we should wait until he has unequivocal proof - it looks like there is enough in the accounts alone but there are many other aspects around operating whilst insolvent, failing to mitigate clients' losses, making false claims, failing to pay clients' money to their creditors (one example was no payment for 8 years). I'm certain this will move forward much quicker and if not, it will revert to the Government liquidator.
                        You have to ask, if there is no money left, and there is very little, why would the liquidator continue working? - he has only been paid about £13k of his minimum fee of £30K so far, but he is extremely confident he can raise a lot more but we are not going to explain how at this stage, otherwise it won't happen. But if criminal charges are made, it will probably not happen (no further money raised) or take longer than Bournes.
                        AABRS are not amateurs and they are highly respected as liquidators. They are most unlikely to do things illegally.
                        You may think I'm naive, I'm no expert, but I was there, I heard the detail. The committee has a liquidator on the team and he knows an awful lot about the legalities. I have a financial interest in this working as do the rest of the committee and of course the liquidator.
                        Wingco

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                        • Re: Compass debt company

                          okay - I'm not sure exactly but I've done it before with Amethyst.

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                          • Re: Compass debt company

                            Ive sussed the PM thing, it doesnt work on the mobile for some reason, had to use PC.

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                            • Re: Compass debt company

                              There are variations of contract but no-one I believe has anything about a savings pot - this came from the sales people and in phone calls with the direcors. The clients are seeing on their statements a 'balance' figure at the bottom of their statements - this equates to the amount that is assumed to be in their pot but it doesn't say that. There were people at the meeting who swore blind it was in their contract but when they looked it wasn't there. x

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                              • Re: Compass debt company

                                Amethyst
                                Can I pm a new member?
                                Wingco

                                -
                                Last edited by Wingco; 31st March 2016, 23:15:PM. Reason: Post go mixed up with another post = nonsense

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