Compass debt company

[Kati]

Re: Compass debt company

Equity is a dangerous thing is all am saying as it is not money. What is money, it's just just digits on a screen and for it retain its value requires a strong performing economy. There is only so much any performing economy can withstand based on a credit economy. I didn't mean literally exchange equity for those things per se.. i just meant imprudently use equity. Sometimes a gloomy perspective keeps persons sober to realities. I am not right wing by the way, am just interested in economics.

Vir bonus est cura inscribitur, nimium aberrationem a tumultu rerum causae justae xx

:focus:

[Gazc]

Re: Compass debt company

Hi all
Another Compass victim here, been with Compass for nearly 10 Years, our plan was due to end in June this year, we are still 42K in debt, compass pot was 14K and have found out from looking at original paperwork that one creditor never got paid at all. have also found out from one of my creditor that CCA was carried out in October 2009 presumably by Compass, only option we have now is Full and Final Settlement on some of the smaller debts and increase payments to other creditors.
Any ideas would be most welcome!
Gaz

[Amethyst]

Re: Compass debt company

May I ask what your debt was when you started with Compass 10 years ago ?

Have you got up to date account statements from each of your creditors as yet ?

Presuming you own your own home (else bankruptcy could have been an option 10 yrs ago)

[Gazc]

Re: Compass debt company

Hi,
Thanks for the reply.
Our debt was 69K, still awaiting statements from 6 of the creditors, 5 have accepted the same payment as Compass was paying them, which is a really good start. Our home is on mortgage (only 6 years left).
Gazc

[Deejay50]

Re: Compass debt company

)


Leanne at compass told me that once I had finished paying abbey for 12 months, I would get the £3000plus that was left in my pot

[Goldragon]

Re: Compass debt company

Yes both of those two are still with the companies despite the fact I ask Compass to pay off Halfax to close it. With that one being so little I'm not to worried about as if I can clear the others I can pay it off. The Lloyds one was the one I thought might be the problem but as no PPI claims have been made was hoping to bring it down a bit and then be in the position to pay more off if I can get rid of the others. Step change have said it would take 25 years to pay them all off not a great outlook. IVA and Bankruptcy both mean finding somewhere else to live and after looking at the ones in the area that would take me to tell you the truth I wouldn't put an animal in them. Over 80% of them you can smell the weed from outside plus with everything taken for the for the IVA or bankruptcy I would be unable to find the deposits, as I work I'm not entitled to any help.

[Unlimited5]

Re: Compass debt company

)


Leanne at compass told me that once I had finished paying abbey for 12 months, I would get the £3000plus that was left in my pot

I was told the same, your better off forgetting about your pot as its probably gone... If anything comes later on its a bonus

[tonyslim]

Re: Compass debt company

Thanks to everyone for the info being shared, its a very stressful time. Hope to get new arrangements sorted out with Step change this week

[Wingco]

Re: Compass debt company

Hi,
Thanks for the reply.
Our debt was 69K, still awaiting statements from 6 of the creditors, 5 have accepted the same payment as Compass was paying them, which is a really good start. Our home is on mortgage (only 6 years left).
Gazc

Hi GazC

It looks like you are doing well on your own - the best way, in my view, as you are in control. Once you have sent CCA letters - templates on here - you can start the fun process of discovering if the debts are enforceable, whether they were set up correctly originally and whether they were transferred to the Debt Collection Agencies (DCAs) appropriately - most weren't. If they are indeed unenforceable, you still owe the money but you are in a far better position to ask for Full & Final Settlements (FFS) once you have some 'spare cash'. The general advice seems to be to offer around 15%-20% of the debt as the DCAs usually pay less than 10% for each debt with subsequent DCA paying less and less.

Keep really good files, send everything recorded delivery and avoid speaking with the DCAs on the phone; put everything in writing.

I'm on the Compass Liquidator's (AABRS) committee (consists of 5 ex-compass clients) and I am collecting email addresses in order to set up a mailing list for all those who contact me - don't post personal contact details on here. Once you have posted 3 posts, click on my name "Wingco" and it will allow you to Private Message (PM) me. It takes about 30 mins after the third post to catch up!

Keep us updated on your progress as it helps everyone in the Compass fallout.

Wingco

[Wingco]

Re: Compass debt company

Just another quick question I hope someone can answer. Alot of mine & my husbands debts have been being paid a token amout for over 10 years, and all but 2 RBS debts have been sold on to debt collection agencies, I'm wondering about F&F offers for these debts if I could remortgage my home?? I know house prices have risen in my area and estimate that there is £45000 in equity, is this an option or just me hoping it is lol!!!!!

Hi Rasping olive
I would hang on to your equity and simply keep paying token amounts until your finances improve. If you are doing your own Debt Management Plan you will have greater flexibility to offer FFS to your creditors; DM Companies usually insist you pay each creditor proportionally.
Secured debt against your home is very dangerous. Maintain your mortgage payments no matter what happens if possible. The DCAs can have what's left.
We got ourselves into debt but the credit card companies and banks didn't help by raising interest rates and imposing crippling penalties when things were tough (if you had bank penalties you are more than likely to be able to reclaim them). Also, have a look at reclaiming packaged bank account fees (where you pay a monthly account fee which usually covered travel insurance and mobile phone cover plus other things you either didn't need or weren't told about; e.g. you have to register for a lot of the insurance based elements).
Don't ignore the PPI refunds even if they have failed to reply or they have ignored you; make sure you get written confirmation they didn't add it in - most Lloyds loans and many shop cards applied it 'secretly'. I used to sell similar products and never willingly took out PPI but I have had over £20,000 returned - even last month, Lloyds sent me £2,000 for PPI I didn't know I had (partly it was refunded because it wasn't correctly itemised on loan agreements but also because no medical questions were ever asked and being self-employed it would have been impossible to claim.
Wingco

[Wingco]

Re: Compass debt company

Hi all
Another Compass victim here, been with Compass for nearly 10 Years, our plan was due to end in June this year, we are still 42K in debt, compass pot was 14K and have found out from looking at original paperwork that one creditor never got paid at all. have also found out from one of my creditor that CCA was carried out in October 2009 presumably by Compass, only option we have now is Full and Final Settlement on some of the smaller debts and increase payments to other creditors.
Any ideas would be most welcome!
Gaz

Hi Gaz
I would still ask to see the CCA response provided to Compass - you are entitled to know the details and who is to say Compass didn't just ignore it????
Wingco

[charitynjw]

Re: Compass debt company

Vir bonus est cura inscribitur, nimium aberrationem a tumultu rerum causae justae xx

:focus:

A man of courage good is entitle too much aberration uprising (rerum) on account of/cause/case at law just behaviour/judge.

Got it! (Not!!)

:wacko:

[Debt Camel]

Re: Compass debt company

Hi can anyone explain full and finally payments to me. I have a couple of thousand from criminal compensation I received last year thankfully I didn't give it to Compass and kept it as a cushion in case of anything. My debts are as follows:

Cabot formally Lloyds overdraft £1353.46

Cabot formally Lloyds credit card £9213

Lloyds loan £9485

Halfax overdraft £83.10

Idem formally Halfax credit card £5822

Step Change has recommend either an IVA or bankruptcy. I was with Compass for 5 year I have no assets live in a room and am on minimum wage now with was me first pay rise in all that time and have been struggling to keep up payments with price rises. Under Step Changes figures my payment should be half of the £200 so they will still only be getting token payments. I don't think I have enough to do it but have a few members of family and friends who have offered to help. My nan bless her said I would only get it when she passes and she would rather I had it now when I need it.

Here is an article that looks at full & final settlements: http://debtcamel.co.uk/debt-options/...on/full-final/. As that says: "the lump sum might be offered by a relative (do consider if your relative can really afford this – if your situation is close to hopeless, then it may be better to go bankrupt rather than take money from a relative)"

It is unlikely that your creditors would accept less than 20%. That would be just over 5k. If you think your friends and relatives could afford 3k to help you, then I suppose it's worth a try.

If I sound unenthusiastic it's because in these situations you have 3 large creditors to deal it and it's possible that after a couple of months of stress 1 of them has accepted and two haven't, still leaving you looking at bankruptcy.

(An IVA by the way is a very poor option for you. It has no advantages over bankruptcy for someone with no assets and a job that would not be affected. See this comparison http://debtcamel.co.uk/hard-choices/iva-vs-bankrutcy/)

There is however another possible option - seeing if you have any PPI to reclaim. Read http://debtcamel.co.uk/ppi-out-of-debt/. If you decide you want to try F&Fs, have a go at PPI first. It will just take 2 phone calls to Llyds and Halifax to see if you have ever has PPI on these (or other) accounts with them: http://www.moneysavingexpert.com/new...getting-easier. If you get any money back from PPi that would increase the amount you could offer as F&Fs making them more likely to be accepted.

If you want to know more about bankruptcy, here is my guide: http://debtcamel.co.uk/debt-options/...to-bankruptcy/

[sal77]

Re: Compass debt company

I'm so grateful I found this thread. I am too I'm a victim of Compass. I had nearly £5,000 in this so called pot & was thinking there is nearly light at the end of the tunnel after 10 years of being with Compass. I too was called by Compass and advised to go with Abbey & that the money I had in my pot would be transferred into my bank account once Abbey had received my paperwork back. I also got a text from a Compass colleague on 22nd Feb asking if I had received my paperwork (I've still got the text) After reading this thread & speaking to Stepchange i am now cancelling with Abbey. The nice gentleman from Stepchange has put my mind at rest. .....hopefully now I can start getting a goods nights sleep instead of laying here worrying. I sent all my claim forms to the liquidator before the meeting in March, I have since had a copy of the report sent back to me attached with a email authorisation form for keeping in touch with me electronically & also another claim form to fill out & send back. Thank you to all the committee members fighting for all of us, I'm not holding out much hope of ever seeing my money again but hoping for a miracle.

I hope these directors are now the ones having the sleepless nights as karma is around the corner!!

[Tangotommy]

Re: Compass debt company

I'm so grateful I found this thread. I am too I'm a victim of Compass. I had nearly £5,000 in this so called pot & was thinking there is nearly light at the end of the tunnel after 10 years of being with Compass. I too was called by Compass and advised to go with Abbey & that the money I had in my pot would be transferred into my bank account once Abbey had received my paperwork back. I also got a text from a Compass colleague on 22nd Feb asking if I had received my paperwork (I've still got the text) After reading this thread & speaking to Stepchange i am now cancelling with Abbey. The nice gentleman from Stepchange has put my mind at rest. .....hopefully now I can start getting a goods nights sleep instead of laying here worrying. I sent all my claim forms to the liquidator before the meeting in March, I have since had a copy of the report sent back to me attached with a email authorisation form for keeping in touch with me electronically & also another claim form to fill out & send back. Thank you to all the committee members fighting for all of us, I'm not holding out much hope of ever seeing my money again but hoping for a miracle.

I hope these directors are now the ones having the sleepless nights as karma is around the corner!!

I like you found this site and it has been so good to have a moan with others who have all been stitched up by this firm. I know that for us all it's hard work in finding out who you own money to with the many different companies out there but whilst we have got good people on this site you will always get advice and support... Never think your alone