Compass debt company

[EXC]

Re: Compass debt company

Hi
I'm new to this but have been reading all the info re: compass I like many other people had been paying £300 to them for over 10 years!!!! And they took the final payment out on 25th February
We've been in touch with StepChange who we're hoping will sort things out for us, they where really helpful so I'm slightly less stressed. We've only received the report from AABRS today, I take it I just fill the form in at the back???
I emailed them when I first found out, & attached statements etc stating how much should be in our pot. Should I still full out the form too??? Any help is greatly appreciated I'm completely lost & clueless!!!!
Thanks

Yes definitely fill out and send off the form. Good to hear that you're getting something set up with StepChange. I take it you haven't got involved with Abbey solicitors?

[Raspingolive]

Re: Compass debt company

We never had any contact from Abbey solicitors & the first we heard anything was wrong was on the 12th March, when we received a letter from Robinson way stating Compass where no longer trading & to contact StepChange, it's been a constant stress since then!!!!
I stupidly just paid the £300 every month as I had for the last 10 years 😩

[Unlimited5]

Re: Compass debt company

your not alone, don't stress stepchange are great and there is lots of support available on here.

[EXC]

Re: Compass debt company

We never had any contact from Abbey solicitors & the first we heard anything was wrong was on the 12th March, when we received a letter from Robinson way stating Compass where no longer trading & to contact StepChange, it's been a constant stress since then!!!!
I stupidly just paid the £300 every month as I had for the last 10 years 

I'm sure it must be stressful but you're doing the right thing. Put getting anything back from Compass out of your mind and rest assured in the knowledge that everything you pay StepChange from now on will go to paying off your debts. For some people even if they don't get any or most of their pot money back they could actually be better off going to StepChange in the long run.

[enaid]

Re: Compass debt company

Nothing stupid about trying to sort out your debts in a responsible way and to be able to sleep at night on doing so.
That is what each and everyone of you was trying to do and you should be commended for that as many just bury their heads in the sand.
The stupid part of this is that firms like Compass are allowed to set up a business with no proper regulation or vetting of directors etc.

[Raspingolive]

Re: Compass debt company

Many thanks I feel better already knowing we're not alone & reading through there's some really good advice 😀

[Tangotommy]

Re: Compass debt company

Hi all,
Meant to post before that you can go on line and look at RMR accounts up to 2014 on line through "free company accounts" just in case anyone is interested? Makes an interesting read

[Amethyst]

Re: Compass debt company

Companies House Beta is the best way to read accounts and the formal liquidators documents will be on there eventually too.
https://beta.companieshouse.gov.uk/company/04498095
( they are doing some work over this weekend though so docs might not be accessible but NORMALLY it's perfect)


Just wanted to flag this up ref Abbey

I was told like you that the pot would be paid back to me in full at the end of my time with abbey solicitors..

That was Abbey or Compass that told you that ?

[Amethyst]

Re: Compass debt company

I was just thinking if it might be an idea for everyone to write a short paragraph on how they have been affected - in their lives - have seen lots of people talk about not sleeping, the worry, not being able to afford to move house, being put back 5/10 years in finances/retirement and so on.

I was thinking gather these together and publish something like an open letter to the Directors of Compass and the FCA and MP's ( particularly BIS and Amanda Solloway) ? to show the utter devastation this causes and remind everyone of the human element and the lives cocked up because of their greed and the regulators inaction.

Just an idea if it's worth thinking about?


Jules just reminded me I mean ' personal impact statements'

[Tangotommy]

Re: Compass debt company

Amethyst, it was compass who told me that after 12 months my pot would still be there, obviously I can't answer for others

[Raspingolive]

Re: Compass debt company

Sorry to keep posting & asking lots of questions but just trying to sort things out in my head!!! I started out over 10 years ago with compass, me & my husband had just married & in our early 20's got into a lot of debt!!!! We paid £300 a month, £101 of which was going to creditors, we actually thought we where coming up to being debt free, no such luck!!!! StepChange have asked for approx £350 a month & said we can be debt free in 10 years, it's like starting over again I'm gutted!!!!
Just a few quick questions, I've found the original agreement from 2006 with what we owed & original creditors, the statement I have from Compass back in December 2015 has the same amount of creditors but only 1 reference number on the whole list matches, do you think it's worth us sending off this CCA you talk about to the original creditors on the list???
I hope this makes sense as I've not a clue with all this legal jargon!!!!
Sorry to keep bothering
Thank you

[Unlimited5]

Re: Compass debt company

Amethyst, it was compass who told me that after 12 months my pot would still be there, obviously I can't answer for others

I was also told by compass that my pot would be paid back to me at the end of the 12 months with Abbey.

[Goldragon]

Re: Compass debt company

Amethyst, it was compass who told me that after 12 months my pot would still be there, obviously I can't answer for others

Told the same too by Compass.

Sent Abbey an email on Sunday and have phone three time a promised a call back each time not really surprised but no call or email.

[Wingco]

Re: Compass debt company

Sorry to keep posting & asking lots of questions but just trying to sort things out in my head!!! I started out over 10 years ago with compass, me & my husband had just married & in our early 20's got into a lot of debt!!!! We paid £300 a month, £101 of which was going to creditors, we actually thought we where coming up to being debt free, no such luck!!!! StepChange have asked for approx £350 a month & said we can be debt free in 10 years, it's like starting over again I'm gutted!!!!
Just a few quick questions, I've found the original agreement from 2006 with what we owed & original creditors, the statement I have from Compass back in December 2015 has the same amount of creditors but only 1 reference number on the whole list matches, do you think it's worth us sending off this CCA you talk about to the original creditors on the list???
I hope this makes sense as I've not a clue with all this legal jargon!!!!
Sorry to keep bothering
Thank you

Hi Rasping Olive
I struggled with Stepchange and found it far easier and more enjoyable to do everything myself. I was paying £300 to Compass with only £80 going to my creditors. I've increased my payments to each one and in some cases nearly tripled the amount and I'm only paying out about £210 per month. Stepchange objected to some of my monthly expenditure and wanted far more money out of me to pay my creditors.
it is very easy to do it yourself by using the Legal Beagles help and advice, and their library of letter templates - each CCA letter will only cost you the £1 postal order = £1:50p approx. If you need any help, just ask. You won't need to be forking out £350 per month. As you are probably in your 30s, your finances will improve and you may find that you can offer Full and Final Settlement (FFS) figures to some of the lower balances, well below your outstanding balances. That way you could end up debt free in less than 10 years - Stepchange won't allow you to pay off debts disproportionately - each creditor must be paid an equal proportion of your debt. Remember that most Debt Collection Agencies (DCAs) pay around 10p in the pound for your debt, so why wouldn't they accept low offers? Better still if you can prove that that the DCA cannot produce the correct proofs of ownership of the debts; none of my 7 DCAs have been able to provide the correct responses to my CCA letters. That makes offering a FFS so much more likely to succeed.
Stepchange is fine for the majority of people but it didn't suit me or fit with my approach to living with debt.
If you private message me (click on my "Wingco" Name once you have submitted 3 posts) and let me have your email address - I'm on the Compass Clients' Liquidation committee and I can add your details to the growing list of clients to be updated on progress.
Wingco

[Goldragon]

Re: Compass debt company

I was just thinking if it might be an idea for everyone to write a short paragraph on how they have been affected - in their lives - have seen lots of people talk about not sleeping, the worry, not being able to afford to move house, being put back 5/10 years in finances/retirement and so on.

I was thinking gather these together and publish something like an open letter to the Directors of Compass and the FCA and MP's ( particularly BIS and Amanda Solloway) ? to show the utter devastation this causes and remind everyone of the human element and the lives cocked up because of their greed and the regulators inaction.

Just an idea if it's worth thinking about?


Jules just reminded me I mean ' personal impact statements'

OK here goes.

Thinking my plan was about to finish my partner and I were talking about trying moving in together and start a family. Something I couldn't do because of issues from my childhood which came to a head a few years ago and I have final manage to lay to rest in the last year with a lot of help. Not wanting to put extra strain on finances wanted to wait until it was finished. Now at 46 I have to start again and have lost my chance at having a family and feel I should end the relationship to give him a chance to have one. Haven't been about to sleep or eat since I received the letter from the FCA which was the first time I heard anything despite the fact I last spoke to Compress on the 29 February just days before they went in to liquidation. Right now it is all I can do to drag myself out of bed in the morning.

I hope this is what you want.