Compass debt company

[Nibbler]

Re: Compass debt company

Those are the ones I mentioned earlier Nibbler ( in chatbox), if it is they, then they have no licence for debt management plans and may not hold client money..

I must have been looking up a different one myself at the time, as I did see these but dismissed them PDQ

Really don't seem appropriate to refer someone to who has just had a DMP fail on them.

No, but it may just be a not very informed Union rep not really appreciating the difference, trying to be helpful, and working from a script.

[Wingco]

Re: Compass debt company

I see they are I the news today, Rob Solloway and his MP wife not a pleasant story.

nem

Geeez - wish I had seen that picture of Amanda Solloway and her husband before I went to Compass - I know you shouldn't judge people by their looks but these two do not give you any confidence they (or at least HE) should be handling people's money and sensitive debt cases. I wish there was a way their properties and assets could be seized in order to help repay clients' pot accounts. The other 2 directors drove Porsches and Range Rovers each! Some people have lost in excess of £10K from their pots. I say lost as I doubt there will be much left to share out.
And Amanda is a Business Consultant - it beggars belief. I hope the people of Derby see who is representing them. Surely she must have known her husband was sailing far too close to the wind - the company accounts show there is no significant assets or money in their accounts.

The good people of Derby need to learn more about their MP.

[EXC]

Re: Compass debt company

In a statement, Mrs Solloway said the company, belonging to her husband Robert, had "sadly gone into receivership".

She said: "Whenever any business ends in this way it is always a very sad and emotional time for all involved. Our thoughts are with all those who have been affected.

"I have never undertaken, in any capacity, any role in his business either unpaid, advisory or otherwise."

http://www.derbytelegraph.co.uk/Firm...ail/story.html

[Amethyst]

Re: Compass debt company

It's just dawned on me that Bournes were also in Nottingham.

Same people.

Re: Bournes Debt Solutions (Bournes Limited) - FCA requirements & administration

Hi
I am Mark Harrison mentioned above.
i was a director of RMMR associates ltd along with Robert Solloway,Richard Mott and Michelle Gilbourne.
we opened the company some time ago but were uncomfortable with Michelle Gilbourne.
The company never traded and was dormant for years.
We only got around to closing it formally this year.

None of us have any connection in any way with this terrible company or any of its directors.


Hope that clears things up and good luck to you all

Mark

http://legalbeagles.info/forums/show...022#post491022


I actually feel quite sick,.

http://www.companieslist.co.uk/06200...ciates-limited


Document
CH01 16/04/2010 DIRECTOR'S CHANGE OF PARTICULARS / ROBERT MICHAEL SOLLOWAY / 31/03/2010

Document
CH01 16/04/2010 DIRECTOR'S CHANGE OF PARTICULARS / RICHARD MOTT / 31/03/2010

Document
CH01 16/04/2010 DIRECTOR'S CHANGE OF PARTICULARS / MARK JAMES HARRISON / 31/03/2010

Document
CH01 16/04/2010 DIRECTOR'S CHANGE OF PARTICULARS / MICHELLE GILBOURNE / 31/03/2010

[Nibbler]

Re: Compass debt company

Oh christ!

That does not bode well. Not that the 'bodes' were very 'healthy' anyway.

[Openlaw15]

Re: Compass debt company

Thanks OL xx Fingers crossed... they sound like they comply with client funds regs - at least in their terms - hopefully the money has actually been kept separate

It uses 'held on trust' in its contract terms so as long as it (the trust) has been set up properly the money should be safe from the administrator. There is some case law in this situation even if it were mixed funds, as long as it can be or is identifiable to its creditor/ owner (ie OP). If it were me in this situation i'd email that administration and tell them of the protected trust and do i still need to attend the March 21st meeting, ie company's liquidation.

[Wingco]

Re: Compass debt company

That is unbelievable - how can this be allowed to happen?

[Nibbler]

Re: Compass debt company

That is unbelievable - how can this be allowed to happen?

Free market economics taken too far, coupled with pi$$ poor regulation and oversight.

[Wingco]

Re: Compass debt company

It uses 'held on trust' in its contract terms so as long as it (the trust) has been set up properly the money should be safe from the administrator. There is some case law in this situation even if it were mixed funds, as long as it can be or is identifiable to its creditor/ owner (ie OP). If it were me in this situation i'd email that administration and tell them of the protected trust and do i still need to attend the March 21st meeting, ie company's liquidation.

I will do just that but I think it might be weasel wording and more likely that no appropriate identification of client's 'pots' existed in reality. Looking at their accounts and using a conservative number of clients, say 500 and not the 1000 talked about in the Telegraph, and assuming an average pot of £2000 (I've heard of a few people with over £10000) there should be £1,000,000 of cash. There isn't.

I wonder if the 3 directors fleets of Porsches and Range Rovers are on the books? I bet they are.

As this is a crime, surely the Police could seize assets of the Directors even in a Ltd company. I run a Ltd company and my accountant assured me that my personal assets were safe "provided I didn't break the law".

It should be an interesting meeting! I just hope it is not sabotaged by clients asking unanswerable, personal questions and that we can get down to some facts about this "Trust" point in particular. Hopefully, there will be a number of financial institutions represented by experienced people who know what to ask of AABRS at the Creditors' meeting on the 21st. We shall see.

[Wingco]

Re: Compass debt company

Free market economics taken too far, coupled with pi$$ poor regulation and oversight.

Brief and to the point Nibbler. What were their accountants doing? Why were there no external checks? The FCA I understand removed the Compass licence not directly because of irregularities but more for preparing for tighter controls and that a number of other DMCs also had their licences removed; the implication was that it was a temporary measure until they could meet certain requirements; clearly that then exposed them and they were unable to continue operating. I believe it is listed as a Voluntary Liquidation.

[Openlaw15]

Re: Compass debt company

I will do just that but I think it might be weasel wording and more likely that no appropriate identification of client's 'pots' existed in reality. Looking at their accounts and using a conservative number of clients, say 500 and not the 1000 talked about in the Telegraph, and assuming an average pot of £2000 (I've heard of a few people with over £10000) there should be £1,000,000 of cash. There isn't.

I wonder if the 3 directors fleets of Porsches and Range Rovers are on the books? I bet they are.

As this is a crime, surely the Police could seize assets of the Directors even in a Ltd company. I run a Ltd company and my accountant assured me that my personal assets were safe "provided I didn't break the law".

It should be an interesting meeting! I just hope it is not sabotaged by clients asking unanswerable, personal questions and that we can get down to some facts about this "Trust" point in particular. Hopefully, there will be a number of financial institutions represented by experienced people who know what to ask of AABRS at the Creditors' meeting on the 21st. We shall see.

I haven't followed the details of the company or any allegations of criminality. I was just commenting on the law that I know rather than the company's facts which I do not. I know trusts law and that looks like a trust to me and this is trust in contract terms.. so I do not know how they could get around it, a trust simply creates a trustee, ie the company.

[Wingco]

Re: Compass debt company

I haven't followed the details of the company or any allegations of criminality. I was just commenting on the law that I know rather than the company's facts which I do not. I know trusts law and that looks like a trust to me and this is trust in contract terms.. so I do not know how they could get around it, a trust simply creates a trustee, ie the company.

Thanks Openlaw. I'm surmising that Compass/RMR are using the word 'Trust' loosely, and that no separate 'Trust' was set up; if it had, the Administrators, AABRS would surely know immediately the clients' pots are intact or not.

The criminality comes from the fraud of assuring clients their money was in a pot that we could withdraw at anytime or make F&F Settlement offers from it (T&Cs). Clearly, if all the money is intact and AABRS are just being circumspect at this early stage, no fraud has taken place. AABRS however appear to indicate there are few assets for distribution - so what happened to the company cars?

I would like to come back to you when we know more on the 21st the status of the 'Trust'.

[Nibbler]

Re: Compass debt company

Yes, time and time again with these companies, the gap between what legally might or should have been done and what actually was, is vast.

[Amethyst]

Re: Compass debt company

Anyone with compass recommended to get a mortgage/insurance etc with Stonebridge Mortgage Solutions Ltd ?

[taff_dragoness]

Re: Compass debt company

So you dont think lighthouse is a good move ?