Compass debt company

[Amethyst]

Re: Compass debt company

If you started a DMP in 2006 and your debts had defaulted then they would all have fallen off your credit file in 2012.

Did you get a copy of your file from the compass liquidators? The TSB debt could be statute barred but only if there has been no acknowledgement of the debt. Between 2009 and 2015 ( ie 6 years).

I think I'd write to them and inform them you consider the debt to be statute barred ( s.5 Limitation Act 1980 ) and put the onus of proving it isn't on to them. Odd that it is still with TSB and not been sold on to a DCA. Presumably they got in touch with your after you wrote to all your creditors after the failure of compass?

[Raspingolive]

Re: Compass debt company

Hi

I'm not very internet savvy!!!! I've logged into my noddle account, and it doesn't show up in fact none of my debts do??? I signed up with compass in March 2006 and paid £300 a month every month till we found out in March 2016 they had gone bust!!!! All of my debts I'm paying now are from pre 2006, why do these not show up either on my credit report??? I'm very confused by all of this!!! Any help would be grately appreciated.
Thank you

- - - Updated - - -

The debt is for a credit card we think although when my husband phoned today they seemed unsure. The last payment was made in January 2009, and no contact has been made until today??

[nemesis45]

Re: Compass debt company

So haven't posted on here in a long while. Set up our own management plan using the templates people kindly posted on here (thank you everyone!) everything seems to have been going well, paying creditors directly. Today we received a letter from TSB saying we had a £10,000 debt that hasn't been paid since 2009. Firstly how on earth can it take so long for a company to find you (we've only moved once) and every other creditor seems to find us!!! Also do I add this to my never ending list!!! Thought we where doing well & now another set back 

Hi, welcome back,

What is the TSB debt, current account/overdraft, loan/ secured loan/ credit card?

Does this alleged debt appear on your credit reference file? You can check Noddle and or Clear Score Free online.

After 7 years this debt may be statute barred but we need to be sure on last payment/default date.
TSB be may be phishing to see if you bite.

nem

[Raspingolive]

Re: Compass debt company

So haven't posted on here in a long while. Set up our own management plan using the templates people kindly posted on here (thank you everyone!) everything seems to have been going well, paying creditors directly. Today we received a letter from TSB saying we had a £10,000 debt that hasn't been paid since 2009. Firstly how on earth can it take so long for a company to find you (we've only moved once) and every other creditor seems to find us!!! Also do I add this to my never ending list!!! Thought we where doing well & now another set back 😢

[Wingco]

Re: Compass debt company

Not that it'll make much difference but wasn't the £24k 'pot' money that was in the 'pot' bank account? If so it shouldn't be a company asset distributable creditors, rather it is client monies.

Correct if the account was clearly labelled in that way "For the use of Compass Clients'full and final settlements only" - but it won't, as you say, make any difference. With well in excess of 700 potential "clients, possibly 1500,' the amount is far too small to distribute; the cost of calculating individual amounts and then distributing those amounts is likely to be well in excess of £24 per client, if indeed it is that much.
At this stage, it is far more worthwhile to wait and see what other money can be "found' in order to make it worthwhile to distribute..
The simple principle applies, that where professional staff command fairly high fees for their work, it makes no sense to spend time and money in order to distribute what's left - each claim would cost considerably more than £24 to resolve.
As mentioned in the Interim Report, there is other money that may be realised to the benefit of all creditors.
Wingco

[EXC]

Re: Compass debt company

Whilst an equal share might be £35 - I estimated a much lower figure of £16 as there is likely to be more than 1500 claimants (not just the Compass clients) but I emphasise that these are my personal estimates - there are some major creditors who would take a much larger share than us "clients"

Not that it'll make much difference but wasn't the £24k 'pot' money that was in the 'pot' bank account? If so it shouldn't be a company asset distributable creditors, rather it is client monies.

[Wingco]

Re: Compass debt company

The Liquidator is obliged by Law to report any fraudulent activity. It is most certainly part of the Liquidator's duties.
It would interfere with the investigations if individuals were to attempt to take matters in to their own hands. Fraud is the one of the hardest crimes to prove. If you have cast iron proof of fraud, then you should write to the Liquidator with your evidence.
We all know what we thought we were promised but it is far harder to prove it. That said, the Liquidator has been sent various client contracts and monthly statements. If your monthly statements include a "client's pot" of money AND say what it is going to be used for, then you need to forward it to the Liquidator. I have monthly statements but no "client's" pot. I have seen statements that show a separate figure to the main outgoing payments but it doesn't give a specific statement as to what the sum of money was going to be used for. We all believed it was eventually going to build up over time to be used to make full and final offers to our creditors.
Let me know what you have. But verbal un-witnessed comments or phone calls are most unlikely to be sufficient to prove a fraud. Perhaps pure weight of numbers of clients all believing the same thing could be enough, but we are not at that stage yet.
Best
Wingco

[Tangotommy]

Re: Compass debt company

With what you are saying Wingo, and obviously we don't know what is being said behind the scenes. Would there be no case for "fraud" being brought against the directors in the long distance future?.After the final decision of AABRS ( how ever long it takes) do you think they would look in to this possibility as part of their investigation or would it be down to individuals like myself and many others to make a case and submit it to the police/cpr etc?
I know that most of us accept that we will never see the money that they stole from us with their deceit and lies but for myself and I presume many others I would like to see some form of justice and, not for them to walk away from this without going through what many of us have had to deal with in the last 10 months.

Tangotommy

[Wingco]

Re: Compass debt company

Here we are. Summary - there's £24k in the bank for creditors - but the creditors are owed £4 million - and there's 760+ of them. So works out about £35 each - and the administrator doesn't think it's worth the cost of distribution.

There are other things going on in the background though but it's going to be a long slog and no one should hold out much hope of getting any of their money back - then if something does happen.

Whilst an equal share might be £35 - I estimated a much lower figure of £16 as there is likely to be more than 1500 claimants (not just the Compass clients) but I emphasise that these are my personal estimates - there are some major creditors who would take a much larger share than us "clients". It takes a long time to assess each client's claim and then the cost of distributing any money DEFINITELY far outweighs the value of any refund..............at present.

Other recovery efforts are being made but the process is both timely and costly and more importantly, highly confidential. There is some hope, but not much! And nothing is going to happen in the short term - it could take years like the similar Bournes case

I would plead with everyone to sit tight and not email or phone AABRS for general inquiries unless you have something important to report - most people are asking the same type of questions most of which, as you can imagine, are simply unanswerable, and it only costs us all money and eats into what little money there is available. AABRS are naturally paid for their time and Liquidators' time is not cheap even for the admin staff.

The members' Liquidation Committee met with AABRS in October but it was largely to go through the Interim Report and for us to learn about the Liquidator's activity in trying to resolve matters - remember that the Liquidator is independent of both the creditors and Compass, and AABRS is there to wind up the company and extract as much money as is possible for the creditors. They have to go through all the company's financial dealings, and tax affairs and look at the directors' assets and eventually calculate each creditors claim accuracy and value. For some inexplicable reason, the Cloud company that held most of the Compass files, deleted them when Compass allegedly failed to pay their monthly fees - understandable perhaps but clearly very unhelpful. The loss of these documents is making matters extremely difficult.

There is nothing over and above what is in the Interim Report the committee members can add.

The first full report is due at one year - perhaps March/April 2017. The latest report is an interim report.
It's certainly not good news but I doubt any of us really thought we would get our money back. We just want to see some form of justice.

Due to new financial regulations, companies can no longer operate as Compass did and have to meet very strict criteria. The previous supervision of Debt Management Companies left a lot to be desired.

Wingco

[Amethyst]

Re: Compass debt company

Here we are. Summary - there's £24k in the bank for creditors - but the creditors are owed £4 million - and there's 760+ of them. So works out about £35 each - and the administrator doesn't think it's worth the cost of distribution.

There are other things going on in the background though but it's going to be a long slog and no one should hold out much hope of getting any of their money back - then if something does happen.

[Amethyst]

Re: Compass debt company

Hi; I was just wondering if a meeting was held or if anyone has heard anything. Was hoping to of heard something by now. Thanks

Have you not heard from the Administrators ?

They issued a report last week, not sure why we haven't put it on here, unless it's in another thread - I'll go get it xxx

(Sorry it isn't very good news !)

[sal77]

Re: Compass debt company

Hi; I was just wondering if a meeting was held or if anyone has heard anything. Was hoping to of heard something by now. Thanks

[danspence000]

Re: Compass debt company

I am wondering the same.

- - - Updated - - -

Hi, just wondering if any update on when the next meeting is with the administrator. Fingers crossed for everyone that we will have some good news.

I am wondering the same

[EXC]

Re: Compass debt company

Now available on iPlayer http://www.bbc.co.uk/programmes/b07yb8bn

The Compass piece starts at about 13 minutes in.

[Nibbler]

Re: Compass debt company

Watching Rip Off Britain.....