Compass debt company

[Amethyst]

Re: Compass debt company

Friends4Life - anyone have more detail on this company - I can't find a company with that name that does Life Insurance. Friends Life https://www.friendslife.co.uk/ is Aviva it appears - Freinds4Life is pet insurance? Maybe it's this policy - https://www.friendslife.co.uk/protec...n-products.jsp ?

[Amethyst]

Re: Compass debt company

Meg. Could you look in the private forum please I'll set you up a thread.

[meg123..]

Re: Compass debt company

Hi Compass was paying the life cover, i had a letter from Friends Life saying they had not had my direct debit for February, i have set one up with them from my bank account now. I am still paying Abbey for now to see what happens, i have asked questions and if a company takes me to court they have to write to both me and Abbey so at least i will no straight away.Ii have had my debits now for 9yrs have check my credit ref files and all my debits are wiped of.

[Amethyst]

Re: Compass debt company

I bet there are holes in it.

[Compass]

Re: Compass debt company

Er, compass, are you/were you a rep of theirs? I ask cos was it you who had the sales script?

you won't get a single ex employee to comment as all were made to sign an air tight non disclosure agreement with Compass.

[Amethyst]

Re: Compass debt company

Having just read through the initial liquidators report there isn't any mention of the life insurance. Some clients did receive documents regarding cover from companies like Friends4Life and Legal&General. There are also reports of a creditor called RMR (so compass then) showing on statements appearing to be the same amount that was to pay for the 'insurance' cover. Presumably there must have been commissions paid to RMR(compass) by L&G/F4L for these policies - and their CCL never included insurance brokering. Because the accounts are limited (small company) it doesn't detail exactly but hopefully the full accounts will come out throughout the investigation.

They did tell the liquidators and creditros meeting that referrals to Abbey were made for free. The SRA and FCA are looking into Abbeys offering and the relationship between Compass & Abbey now so hopefully exactly what was made off the back of referrals to Abbey ( and IVA referrals disclosed in the liquidators report ) will come out.

I haven't heard anyone talk about will writing as yet - were clients recommended to do that ? with 'recommended firms' and pay via compass ? ( so more referral fees possibly )

[Gilltheblackcat]

Re: Compass debt company

Er, compass, are you/were you a rep of theirs? I ask cos was it you who had the sales script?

[Compass]

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)

You have to remember that this contract is read out by your counsellor who has already told you that all your monies are held in your own personal client account that is your money so when they get to the bit about Compass protection, it gives the impression that Compass pay for the protection and not the client which again is not true. If you go through your monthly statement their will be one more creditor listed than you thought you had as this is how the payments were taken. Protection plan was just life cover and which ever one paid the most to Compas although I suspect not a single commission from life cover, PPI claims, will writing etc, ever went back through the company?.

i suspect it just dissapeared like the 2 million. Maybe someone ask the liquidators to look into as Compass will probably tell you they did all this work for free like they did for Abbey!.

[Compass]

Re: Compass debt company

With these @Compass, 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 ?

Min payment. Compass estimated this is what your existing payments would be for this size of debt.

Total: This is Total amount client would pay back to their creditors if they didn't go with a Compass debt plan. 60xmin payment=Total

Compass were giving the impression to clients they could half your repayments and the total owed based on this chart and figures quoted which was simply not true. Nor did they stop interest charges before agreeing to make payment to creditors as per you contract in "our promise to you".

[Gilltheblackcat]

Re: Compass debt company

Have emailed pics to lb admins.

[Gilltheblackcat]

Re: Compass debt company

I emailed you quite a few photos, but my bosses are looking a bit suspect now. Will scan a full set tomorrow.

[Wingco]

Re: Compass debt company

The report said no employee claims were considered, or words to that effect.
I will quote later when I get back. It was about this time that mister £400/hr stopped doing the report as the meeting broke out pretty much into anarchy.

Can you email me a scanned copy of the report or copy it at work and send it to me? I'll email you my address. Amethyst needs a copy too. You know how hard it is if you are on £450/hr (don'r sell him short), to answer emails - i'll phone AABRS on Monday but I wonder if that route will get a quick enough response.

[Gilltheblackcat]

Re: Compass debt company

The report said no employee claims were considered, or words to that effect.
I will quote later when I get back. It was about this time that mister £400/hr stopped doing the report as the meeting broke out pretty much into anarchy.

- - - Updated - - -

I photographed it,! Wingco check your emails.

[Wingco]

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.

My recollection of the creditors' list and accounts did not show any employees other than the Directors who were owed any money - they gave up any claim for their money owed - so magnanimous of them - all heart, or was it shame?

Wingco

[Wingco]

Re: Compass debt company

Was there a written report from the Liquidators at the meeting ? If so I need a copy pls. ( admin@legalbeagles.info )

Yes, but mine was trousered by someone - I need a copy - if no-one can send you one I will get a few copies from AABRS. Wingco