Compass debt company

[Mrsmac]

Re: Compass debt company

Hi guys
I to was with compass and in Dec told me they were putting me for an Iva after being on dmp with them for 2yrs
A man called Ian was dealing with this and put me on to aperture,
I had £1500 in my pot and had to fight to get that back when the Iva went through, I did get it back thank god but took a while
They took £5000 in fees off me and then put me on an Iva and got more fees through that
Robbing gits!

[aidierobbo]

Re: Compass debt company

Hi guys,

I should really start a new thread but does anybody know if "OPEN DOOR LOANS" are still in business? Compass were paying them £2 a month but I can't find them anywhere on the internet. I have a feeling they are no more!!

[Amethyst]

Re: Compass debt company

LIQUIDATION - and no FCA auth. Looks like CALL CREDIT applied to wind them up.

COMPANIES HOUSE _ LIQUIDATION - https://beta.companieshouse.gov.uk/company/06934204

No FCA auth either.

Firm name:		Aberdeen Financial Limited
Interim Permissions reference number:		629108

Registered Name	Aberdeen Financial Limited
Previous Registered Names
Trading Names	Open Door Loans, Open Door Lending, Open Door Financial 247, Open Door Finance 247, Open Door Financial, Open Door Loans 247, Open Door Finance, Open Door Lenders 247, Open Door Loan, Open Door Lenders, Open Door Lending 247

[Celestine]

Re: Compass debt company

Over the last few days, I have been writing to the CEO's of each of the debt purchase companies to whom most of you owe money. I didn't want to say too much until we'd had some responses but so far Lowell and 1st Credit have responded in support of our proposal to remedy the harm caused to you all. It's one thing to lose this money but then to have to find it all over again is too much so hopefully this solution will go some way to reducing the debts owed and to take account for what you had already paid Compass.

I may start a new dedicated thread on this but I'd like you guys to tell me who your creditors are so that I can contact them similarly and hopefully get the whole industry responding the same way.

1st Credit CEO Compass.pdf

TO: Eddie Nott
CEO 1^st Credit Limited
The Omnibus Building.
Lesbourne Road, Reigate, Surrey RH27JP



Dear Mr Nott

I am writing to you because three weeks ago, Compass Debt Counsellors ceased trading losing a large amount of client money before the process of liquidation commenced.

I co-own the LegalBeagles consumer advice forum and we are dealing with a large number of Compass victims who as you can imagine are in a highly distressed and confused state right now. Forums like MoneySavingExpert and LegalBeagles are right in the front line of such situations and we are very concerned about the welfare of the 1000+ victims.

Compass operated an unusual and unregulated debt management technique whereby large sums of money accumulated in ‘pots’ to use as full and final settlements further down the line of the debt management programme. However, with the liquidation of the company, these pots estimated to have held around £2 million have disappeared leaving the former clients in even greater debt and effectively back to square one.

In the fullness of time it may transpire that these victims will be proven to have fallen victim to criminal activity by the Directors of Compass but for now the immediate priority is getting these people into safe and secure financial positions with the help of free debt management charities like StepChange and Payplan.

These people are not debt avoiders, they have been steadily paying off their debts to your company for many years and are trying to be responsible. It is devastating to see how they have been betrayed by a FCA regulated company that was supposed to guide them safely back to solvency.

We know that your company is aware of this group of consumers and reports back have indicated that your telephone operators have largely acted with sympathy and have frozen accounts for 30 days to allow them to sort out their finances. However, we are also seeing people rush into bankruptcy and IVA solutions which are not necessarily the best solution for anyone involved.







Here is just a selection of quoted comments from the victims:

“I told my wife today and she has left me”

“I am hearing so many stories like mine and feel sick most of the time with worry. Am in the process of working with step change. But finding it hard to believe that it is gonna take me another 4 yrs to clear what I thought was already sorted.”

“Feel like crying I'm in for about 25k what a set of bastards”

“I was informed by compass August 2015 that all was settled and did not have to pay compass anymore, this was after a 5 year plan did every thing they said, never missed a payment. So been feeling positive about being debt free for nearly 7 months, having extra money felt a real boost after 5 years of struggle,
then earlier this month started to get letters saying we still had all this debt and compass had ceased trading, what I'm finding out is the debt we started of with over 5 years ago we still have, I had over £14000 fourteen thousand in the pot for final settlement, can't begin to tell you how I feel, I am currently trying to pay these debts again by myself so would like advice if you can.”

-------------------------------------------------------------------------------------------------------------------------
The reason we are specifically writing to you as CEO of 1^st Credit is to make a very bold request.

We as a consumer organisation know that 3^rd party debt purchase usually occurs between the original creditor and yourselves for around 10% of the face value of the original debt.

This is very unique opportunity for 1^st Credit to do something remarkable and benevolent for these victims of financial fraud. You could elect not to make any further profit from these individual cases in recognition of the extreme circumstances they have experienced.

If 1^st Credit was prepared to consider 10% F&F settlements or repayment plans, this single act would make an enormous difference to the perception of what these people have lost. Because not only have they lost one large amount, they now have to find that all over again and as you can imagine that is a soul destroying obstacle for these people to face.

There is also the option to consider that 1^st Credit could be subrogated for these debtors in the liquidation process to recover any potential funds back from the former Directors of Compass Debt Counselling. The liquidators report is available to view here:
http://lbcompare.co.uk/letter-from-l...-2016/#respond

I hope that you will be able to make this remarkable offer to this unfortunate group of people. I am directly involved with the creditors group and can liaise as appropriate to put this measure in place.





I am also writing to the CEO’s of all other UK debt purchase companies involved with the Compass client group. I shall be discussing this letter request I am making to you on BBC Radio 4 You & Yours on Wednesday 13^th at 12.15pm. It would be wonderful to have some agreement in principle so as to be able to report some positive news. There are hundreds of Compass victims who have not come forward, not sought help and we are extremely concerned for their welfare so I dearly hope your company is able to make a huge difference to the outcome for these people.

I very much look forward to hearing from you.

Kind regards



Kate Briscoe

Chief Executive Officer
LegalBeagles
LBcompare

0300 303 2020

[Celestine]

Re: Compass debt company

Response from 1st Credit:

I am writing in response to your email to Eddie Nott regarding the recent failure of Compass Debt Counsellors.

Eddie has forwarded me your email as I manage our 3rd party debt management relationships.

We deeply sympathise with the situation former customers of Compass now find themselves in and will do whatever we can to assist during these difficult times.

Where we receive notification that a debt management company has ceased trading it is our internal policy to write to affected customers advising that we have placed their account on hold for a period of 60 days while they try to identify the most appropriate solution for their situation. We do not have an expectation that payments be made during the hold period and our letters signpost customers to the free debt advice organisations such as Step Change, National Debtline and MAS. Extensions to the hold period are available where required.

With regard to partial settlement offers for affected customers, please be assured that we deal with all partial settlement offer based on individual merits. The fact that these customers would have suffered a significant financial loss through no fault of their own is something that we would definitely take into consideration when reviewing any offers made.

Whilst we cannot guarantee each and every customer would be entitled to a 90% discount in partial settlement of their account, we are prepared to discuss substantial discounts with each of these customers directly or through their new authorised representative.

To put this in perspective, an initial review of the 141 affected accounts indicates that we may be able to offer an aggregated write off of 63%.

We also appreciate that not all customer will be in a position to raise a lump sum therefore we are able to offer some flexibility in terms of allowing the partial settlements to be paid via instalments over a period of time, however this would be subject to a review of the customer’s affordability.

Alternatively, where a customer is not able to make a partial settlement offer, or prefers to have their credit file updated to reflect that their account has been fully satisfied, we will always work with them to agree a repayment arrangement that is both affordable and sustainable based on their individual financial circumstances.

Should you have any questions or require clarification on any of the above please do not hesitate to get in touch with me.

Kind regards,

	HarryTumber Senior Collections Manager

[Unlimited5]

Re: Compass debt company

This is fantastic, Thamk you soooooooo much you are amazing!!!!!!

My Companies are Cabot and Robinson way.

[Celestine]

Re: Compass debt company

I am awaiting a response from Cabot. I will get one

Robinson Way added to my list. (Part of Hoist)

[Unlimited5]

Re: Compass debt company

This is amazing news for all affected people. I lost my pot however it was around £4k.. whilst i am gutted i am also aware that some people have lost considerably more. I am so pleased that there are people out there like yourselves that are prepared to get involved and help out without any reward.

You are truly amazing people and I thank you from the bottom of my heart.

[Gilltheblackcat]

Re: Compass debt company

Arrow Global, Lowell's, Hoist, RMA, SigmaRed. These were the DCAs that took on mine. Some of these have been satisfied, but I'll bet others have them persuing them.
Moorgate loan servicing.
Great work Celestine.

[Amethyst]

Re: Compass debt company

Just to put this on the main thread - You&Yours http://www.bbc.co.uk/programmes/b0766g4x - will be available to listen again in half hour or so.

[Gilltheblackcat]

Re: Compass debt company

Short and sweet but in the public eye once again. Thanks Celestine. I asked Comrade Corbyn to raise it in PMQs with Dodgy Dave, does anyone know if he did? I doubt i somehow, but worth a punt.

[sal77]

Re: Compass debt company

Thank you, Thank you, Thank you!! I am so grateful for what u have done for us all, u are amazing! I am with Westcote, Cabot & Robinson Way.

[aidierobbo]

Re: Compass debt company

This is awesome. I have the same dca's as most of the guys on here. Lowell, opos, Moorcroft, payday express, payday UK. I know they are the actual lenders nit dca

[aidierobbo]

Re: Compass debt company

This explains why I haven't heard anything from them but it doesn't explain where the money has gone compass were paying to them. Am I right in thinking I can write this off if open loans have gone bust?

[aidierobbo]

Re: Compass debt company

LIQUIDATION - and no FCA auth. Looks like CALL CREDIT applied to wind them up.

COMPANIES HOUSE _ LIQUIDATION - https://beta.companieshouse.gov.uk/company/06934204

No FCA auth either.

Firm name:		Aberdeen Financial Limited
Interim Permissions reference number:		629108

Registered Name	Aberdeen Financial Limited
Previous Registered Names
Trading Names	Open Door Loans, Open Door Lending, Open Door Financial 247, Open Door Finance 247, Open Door Financial, Open Door Loans 247, Open Door Finance, Open Door Lenders 247, Open Door Loan, Open Door Lenders, Open Door Lending 247

How does a credit file company file to make a lender go bust?