Compass debt company

[EXC]

Re: Compass debt company

Hi Nibbler
It's astonishing how nearly everyone thought they had a pot and yet there is no mention of it in their paperwork.

Didn't I read somewhere that there was a balance of the pot amount expressed on statements?

[Compass]

Re: Compass debt company

And this

[Nibbler]

Re: Compass debt company

Default's don't stop you getting a mortgage ? lol, new one on me.

In theory they don't. They just make it verrrrrrrrrrrrrrrrrrrrrrry hard.

[enaid]

Re: Compass debt company

Didn't I read somewhere that there was a balance of the pot amount expressed on statements?

I thought that and also it could be returned to your bank account, thought it was on T&Cs


Everything is geared up for 60 months cant see any mention of what if this is not possible. I suspect that was totally impossible for most of the clients when the creditors were only getting the very minimum payments.

[EXC]

Re: Compass debt company

The DPA reg number on the docs that Compass posted doesn't come up on the ICO register.

The actual reg number for RMR is different.

[Nibbler]

Re: Compass debt company

T&Cs on website from May 2013

Though may not match what people actually signed.

[Openlaw15]

Re: Compass debt company

It's all very cleverly worded: "We aim to get you debt free". "We can't say how long it will take but...."

The protection insurance doesn't exist now - I asked that question at the liquidator's meeting and it was one where Rob Solloway actually looked up and replied "No". If the policy never existed, that too could be fraud. But one of the other Compass clients has said on here that her policy with L&G had been cancelled without her knowledge. It is something we can investigate because my understanding of insurance is that you can claim in retrospect on a cancelled policy if it was in effect when the Compass failure happened or started. Can anyone advise?

A mis-sold product has the effect of putting you in the situation where you had not taken it originally, so in theory any payments made would be credited back. It's like mis-sold mortgage related endowments the remedy is to convert to a repayment and offset any payments made as though a repayment mortgage were taken out originally. It's the same effect with PPI's all monthly premiums paid are returned. If it is a case of fraud where there is nothing to be gained from suing, ie where they are bankrupt...the fraudsters victims can go after any personal property of the director's or their commercial partners, including their personal stocks n shares, assets, their land etc. Anything in their name actually. If their spouses have benefitted from the fraud too it is likely a crime under the Proceeds of Crime Act 2002. You can go after any fraudulent spouse or if they were in 'dishonest receipt.' Even innocent third parties, ie commercial or other interested persons who benefitted from the misappropriation they are potentially liable too. These are available under the 'tracing rules' at common law ('the law') and at equity (discretionary). You can even go after their homes...cars, horses... any chattel actually, ie anything that is moveable. Any property abroad... that too. A good accountant is needed more than a good lawyer! Lawyers will just eat into any benefits you would otherwise have had.

[Wingco]

Re: Compass debt company

Well how do they explain where that money was placed? How many creditors did they offer 2k to or a fiver a month? PPI included in your monthly payment, what a joke.

Hi Enaid, I think that is precisely what that policy was, PPI. But it wasn't listed separately on our statements (PPI mis-selling), we weren't asked any compliance questions re health, employment status, etc (PPI mis-selling) and no cancellation or policy documents sent out (PPI mis-selling).

Strange, you would have thought that Compass who did PPI premium recovery would know better
:ymca:
Wingco

[Amethyst]

Re: Compass debt company

And this

With these [MENTION=83636]Compass[/MENTION], any chance you know more detail on the columns ? Presumably this goes along with the script to 'quote' the client during sales calls ?

Guesses - which am not very confident on at all as the figures don't make much sense.

DEBT = total outstanding debt of debtor ( compass client) ?
Monthly - how much is needed from client ( debtor) to pay to compass ?
Fee - how much Compass's fee is overall for that amount of debt ?
60 months - how much would be repaid to creditor over 60 months ?
Offer - how much actually offered to creditor out of that sum ?

Min Payment and Total don't make any sense to me.



On another subject - do you know what happened with the employees pre admininstration - redundancy payments made or outstanding wages etc ?

[Wingco]

Re: Compass debt company

Thanks Openlaw - I will send this to the liquidator. Probably a minefield to unravel who paid what to whom as I believe there was more than one insurer involved.
Wingco

[enaid]

Re: Compass debt company

Client pays minimum £175 per month for 60 month = £10,500

Out of that 45 goes to creditor (supposedly)

That's all I can make out lol

The minimum payment goes up and up and for the first 4 debt amounts no change

[taff_dragoness]

Re: Compass debt company

Amethyst have you read the bit at the bottom you know the Compass protection plan thats a hoot lol

[Amethyst]

Re: Compass debt company

lol yes, , I love the wording in the agreement that states the premium's taken from the company's bank account. Ooo how kind ( insert rolly eyes smiley here)

Did you have the protection plan that you know of ? and did you get any docs at all about it other than the standard agreement one page letter ?

[Wingco]

Re: Compass debt company

Amethyst. It was brushed over at the Liquidator's meeting on 30th March. We knew that people had left Compass but there are no details that we had as to whether they were paid redundancy money. Certainly Mark Harrison appeared to be making a lot of calls to clients encouraging them to go to Abbey Solicitors - they told us they did not get any commission or other kickback for their referrals - Hmmmm. You can only surmise that the normal staff had left by February 2016. Again, we can investigate with the liquidator.
Are you suspecting unnecessarily large payouts or other suspicious activity?
Wingco

- - - Updated - - -

lol yes, , I love the wording in the agreement that states the premium's taken from the company's bank account. Ooo how kind ( insert rolly eyes smiley here)

Did you have the protection plan that you know of ? and did you get any docs at all about it other than the standard agreement one page letter ?

I got nothing, Wingco

[Amethyst]

Re: Compass debt company

No I'm checking that any entitlements due to employees ( such as wages / redudancy etc ) are included in the creditors list.

Abbey is being looked at ( along with its relationship with RMR ) - have to just let the regulators get on with that bit I'm afraid.