Compass debt company

[Wingco]

Re: Compass debt company

There are possibly 2000 ex-Compass clients many of whom are swamping AABRS (the liquidator) with email requests. Just sit tight and read through the threads on here. Work with Stepchange or Payplan to sort out your creditors all of whom will know what has happened and are being very co-operative.....so far. I'm doing my own DMP with the great help from the Legal Beagles. Worth its weight in gold.
The so called 'pot' has just £22,000 when it should contain £2,000,000. Sad but true. The £22,000 works out at less than £11 per client but it would be worked out pro rata and there are some large creditors on the list so far. I'm expecting nothing from the 'clients' account'.

[Deejay50]

Re: Compass debt company

Please contact me to get as much info that you need and for my email address

[Wingco]

Re: Compass debt company

Thank you Wingo, please keep me informed, enjoy your holiday.

Will do, Hakster. The Committee is very much in the Embryo stage at present. Once we have the post-meeting report, we will post it on here and elsewhere if possible for Compass clients to see and for Amethyst, EXC, Enaid and Nibbler to scrutinise!!
The Committee is there to assist the Liquidator - he doesn't understand how intelligent people end up with a company like Compass, nor do most of us.........now. He will have very specific questions about how the Compass DMP worked, the mythical clients' pots, the high fees, the unexplained and unsupported insurance policies, and the directors' conduct from the outset, but particularly in the last 9 months once they realised they would not get licensed to operate as a Debt Management Company (DMC).
The Committee will represent the Client Group to ensure our views are made known and actioned, if possible.

Some tips: Don't talk to your creditors - everything must be in writing. Send out Consumer Credit Act letters (CCAs) and everything goes registered/recorded delivery. Keep copies and a comprehensive filing system. We are all entering a viper's nest and we are amateurs but now backed by the formidable Legal Beagles team. Use the proper templates found on this site but personalise them to your specific situation. I sign in green ink with a variation of my signature just in case the Debt Collection Agencies (DCAs) try to lift my signature to make any paperwork look more authentic - they do do this! And I understand it is legal!!!!!
But it is fun playing the game - well I think it is:taunt:

Must get the chauffeur to polish the Bentley for my drive down to the Cote D'Amor on Tuesday, whilst I pack the Luis Vuittons and forget about these pesky DCAs, DMCs, DMPs, DFRs (I made that one up) and CCAs. Back on the 17th.

Wingco

[Wingco]

Re: Compass debt company

Please contact me to get as much info that you need and for my email address

There are possibly 2000+ Compass clients - we can't contact them individually - that's a mammoth task; it has to be the other way round. Go to a Private Message to me or post it on the private Group forum (possibly not ideal), or wait until we give you a confidential email address (Andy is sorting one out - I hope). Wingco

[Wingco]

Re: Compass debt company

Well done.

I'm expecting a long list of creditors to be posted by AABRS periodically - but it will take time - there is no real time limit for submitting your claim yet, but if you have sent it in there is no reason why you won't be added to the list; I don't think you can expect a reply from AABRS! They are being swamped.

[Wingco]

Re: Compass debt company

Hello, our story has so many similarities to what I've read. We were already in a DMP (although I wasn't happy with the fees & services). We took a cold call (phone) one evening and were taken in by the sales pitch and thought the idea of a 'debt counsellor' visiting us at home was a nice idea. The 'Counsellor' came round at the agreed time-within an hour or two he had our signatures on a Compass 'bespoke' plan where we paid X per month, half this would be paid to creditors and half would initially pay Compasses fees then the rest would accumulate into a pot of money so Compass could eventually address creditors and negotiate a full and final settlement and have our debt noticeably reduced in the process. No exact timescale or reduction figures could be defined although requested. I also questioned the bacs fees when Compass distributed money to creditors thinking that's money being wasted but was told its in the terms & conditions. Compass have charged just over £3,000 for a service which wasn't completed and had just over £6,000 in this so called savings pot. We're a good £9,000 down at the moment with £4,000 paid off debts.

You couldn't make it up - but we are all in the same boat (canoe without a paddle more like). Wingco

[Wingco]

Re: Compass debt company

I bet there are holes in it.

I very much doubt it - they will employ their contract writing skills to ensure there are no loopholes - these people are professionals:judgey:
Wingco

[enaid]

Re: Compass debt company

Limitations of compromise agreements

It’s important that businesses realise that compromise agreements cannot be used as a way to buy the silence of employees who have discovered illegal activity or information which is of genuine public interest.
https://www.gov.uk/government/public...disclosure-act

[EXC]

Re: Compass debt company

I very much doubt it - they will employ their contract writing skills to ensure there are no loopholes - these people are professionals:judgey:
Wingco

I can't agree with you there Wingco. From what I've seen their business model, accounts, consumer contracts, tax affairs and conduct are riddled with holes. I can't see why their empoyee non-disclosure agreements should be any different.

[Nibbler]

Re: Compass debt company

Also doubtful that a co in administration/liquidation could or would do anything about breach of such an agreement, as in effect the co has no ongoing commercial interests to damage.

[Gilltheblackcat]

Re: Compass debt company

Also doubtful that a co in administration/liquidation could or would do anything about breach of such an agreement, as in effect the co has no ongoing commercial interests to damage.

I think I second that.

I did read on the FB group that their general manager has been on Linkedin looking for work since end of Feb or beginning of March. Cant find the link now, but her 1st name is Helen, I think. Just in case you get a job application letter....

[Openlaw15]

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

You may find that that the Directors of this company are registered as different sole LTD Companies too. So then the Director would be a subsidiary of the parent company... Compass Debt Counselling is not the registered company name, ie not the LTD company's name.

[EXC]

Re: Compass debt company

I think I second that.

I did read on the FB group that their general manager has been on Linkedin looking for work since end of Feb or beginning of March. Cant find the link now, but her 1st name is Helen, I think. Just in case you get a job application letter....

Amanda Solloway was looking for a paid intern http://www.w4mpjobs.org/JobDetails.aspx?jobid=54811

Perhaps her husband would provide a good reference?

[Gilltheblackcat]

Re: Compass debt company

Amanda Solloway was looking for a paid intern

So that's why they went bust, the directors3 have gone for proper jobs!

[Wingco]

Re: Compass debt company

Amanda Solloway was looking for a paid intern http://www.w4mpjobs.org/JobDetails.aspx?jobid=54811

Perhaps her husband would provide a good reference?

That would be worth its weight in tin. But she better be quick!!!!

- - - Updated - - -

You may find that that the Directors of this company are registered as different sole LTD Companies too. So then the Director would be a subsidiary of the parent company... Compass Debt Counselling is not the registered company name, ie not the LTD company's name.

They were operating under variations of the name RMR, I believe - at least, that was what was on our bank statements. Wingco