Compass debt company

[Nibbler]

Re: Compass debt company

Does anyone know who arrow global collect for?

They are mostly a debt purchaser, who buy debts from a very wide range of companies, so impossible to make any meaningful list.

Hi, when sending the CCA letter out to creditors who is the postal order made out to. Only we have 10 creditors .

In first instance, unless you have specific reason to know otherwise, it goes to and is paid to the company that currently holds the account.

[Joseph Williams]

Re: Compass debt company

They are mostly a debt purchaser, who buy debts from a very wide range of companies, so impossible to make any meaningful list.



In first instance, unless you have specific reason to know otherwise, it goes to and is paid to the company that currently holds the account.

Ok thanks . Abbey solicitors said they have sent these letter out, but I not hearing very good things on here about Abbey . I spoke to a man called David who seems very helpful, seems like people are cancelling the agreement , so I'm even more stressed and confused . Abbey have had two payment from us so far .

[Celestine]

Re: Compass debt company

Have a listen to the Radio4 piece on this from last Wednesday. (6mins in)

http://www.bbc.co.uk/programmes/b0766g4x

[Wingco]

Re: Compass debt company

Hi, when sending the CCA letter out to creditors who is the postal order made out to. Only we have 10 creditors .

Hi Joseph
When sending out a CCA, the postal order isn't made out to anyone - just write on both sides above the payee line: "For Statutory Fee Use Only". There is a line in the CCA template (on this site) that should state that the fee is only to be used for this purpose and not paid in to your debt balance as this could prolong the process if you are hoping to go Statutory Barred (SB = 6 years with no payments making the loan void). SB is fairly difficult to achieve as the Debt Collection Agencies (DCAs) tend to come after you in last few months of the 6 years, bless them. But best to play safe, plus it shows you know what you are doing giving you the upper hand.
But do make sure you send your CCA recorded signed for post.
Wingco

[Wingco]

Re: Compass debt company

Have a listen to the Radio4 piece on this from last Wednesday. (6mins in)

http://www.bbc.co.uk/programmes/b0766g4x

Very good, and well done to Kati + one other - I didn't catch his name but he spoke very well.
I'm amazed Abbey is still taking money off people and I bet they are regretting ever going near this 'process'. I daren't use the 'S' word on here!! But Abbey has been getting away with taking large spurious amounts off ex-Compass clients which bear no relation either to the amount of work they are doing or likely to achieve in a year. One person is paying them £400 x 12 (£4,800) to write half a dozen CCA letters. And if you end up going to Court you have to [pay Abbey's Court attendance fees on top. Doesn't sound like a good deal to me.
Is there any news of the Solicitors Association (?) looking into Abbey? Do we need to do something to start the ball rolliing?
Wingco

[Unlimited5]

Re: Compass debt company

Hi Debbie and Jackie and Welcome to the forum.


I was wondering Compass peeps in general - when you signed up with Compass did you actually complete any income and expenditure statements for them to assess your circumstances and work out your pro rata payments / disposable income at all ?

o but I seem to remember completing a very short income / expenditure form.
it was 10 years ag

[Wingco]

Re: Compass debt company

As a Compass client of ten years with what appeared to be a pot of £20+K My ex and I are now back at square one. We did sign up with Abbey and are going to ask them to cancel on Monday (It's Friday today). Having read a part of this thread I think we will be best served by going it alone and creating our own DIY DMP.

The initial anger at Compass management has abated, but we know we need to act quickly to get out of Abbey and start writing to our debtors and DCAs as soon as possible. We have had time to reflect and our ignorance stopped us from asking more searching questions of compass.

We only hope that its not too late to get arrangements made. It was all so easy to forward all our letters to Compass, so now we are entirely certain that we know everyone we need to write to.

So now its time to search the forums and start out again ten years later and a lot of money wasted on somebody's yacht.

Hi Mox
It wasn't wasted on a yacht. The directors tended to buy Range Rovers and Porsches - in one case for sure, he bought one of each.
I wonder what car Rob Solloway's MP wife Amanda drove? I also noted at the Liquidator's meeting 30th March that none of them were wearing expensive watches, in fact quite the opposite...........................intentionally? Call me cynical but you don't run a company, drive a Range Rover and then wear a Casio or Timex.
Wingco

[Unlimited5]

Re: Compass debt company

I think we are delighted for the 'free' help we get from you guys.

I'm going to raid my biscuit tin for some pennies to pay you.

Wingco

I am more than happy to contribute as well.... I am so pleased with all the help and advice I have received through this forum. I would glady have paid for it.

[Wingco]

Re: Compass debt company

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

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

Hi Celestine
Any further news on this approach to the DCAs?
Wingco

[Wingco]

Re: Compass debt company

Hi Debbie and Jackie and Welcome to the forum.


I was wondering Compass peeps in general - when you signed up with Compass did you actually complete any income and expenditure statements for them to assess your circumstances and work out your pro rata payments / disposable income at all ?

Hi Amethyst
When the Compass rep came to my home he asked I&E questions but often said "Don't worry about that" when mentioning irregular self-employed income, and he suggested raising my outgoings on dry cleaning, papers, magazines, car repairs, holiday fund, etc. so that my outgoings were very close to my income. But the final I&E that came through with the contract bore little resemblance to what I told him and the rent from one of my BTLs was missing (£858 per month) and my wife's pension of £600 per month was also overlooked (it was a joint DMP). There were a couple of duplications (house buildings and contents at £37 x 2) plus various other things that were certainly not covered in the interview. We corrected the data but did not get a revised I&E; it didn't make much difference as it was 'swings and roundabouts'. We subsequently sent through an annual update in early 2015 but again got no response from Compass. I now do regular reviews for my own peace of mind; it's very chastening! In fact only yesterday I reviewed a lot of my insurances (car, appliances, breakdown cover etc.) and saved over £500 p.a. Every little helps.
Wingco

[Unlimited5]

Re: Compass debt company

I have now signed up as a vip, once again I am so grateful for all of your help and advice it has been invaluable. Membership is a small price to pay and to be honest I thought it would cost more.

Thanks to everyone for their input.

[Wingco]

Re: Compass debt company

I have now signed up as a vip, once again I am so grateful for all of your help and advice it has been invaluable. Membership is a small price to pay and to be honest I thought it would cost more.

Thanks to everyone for their input.

Hi 5
I agree entirely. whilst we are all struggling with our finances, it is a small price to pay for the excellent advice we get for free on here. This website needs to keep going and fighting for consumer rights and having been on other consumer sites, there is absolutely no comparison; on one, I just got abuse for being a filthy debtor, and on another everyone is being told to stop payments to their DCAs. When you advise otherwise and point out the problem with doing this, you get people ridiculing your sensible comments. How on earth they keep anybody other than idiot trolls, I don't know.
One very well known consumer rights and financial advisor keeps advising people to swap to 0% interest Credit Cards but omits to mention the cost of the transfer, often 2-3%, and fails to point out that at the end of the interest free period you often end up on a very high SVR. In my case, it was two 0% transfers that ended up with 32-37.5% SVRs (the average at the time was nearer 19%, that got me deeper into trouble, and I couldn't get out of the cards. My interest was more than my monthly payment. But when you point this out you either get abuse or someone saying that "everybody knows the rates go up - are you stupid?" - of course I know the rates go up but I didn't expect over 30%. and hardly the point when you are faced with monthly payments you can't afford and then try to transfer to another 0% card - you won't be able to. So I think he is giving incredibly poor or incomplete advice and should include far more info on the pitfalls.
The worst advice I saw recently on this famous site was getting people who were struggling with their mortgages and were in arrears to apply to 2 companies that offered 3-year fixed rates at 2.9%, but the fees were over £2000 and they applied massive limitations (60% loan to value) such that there was no way someone in arrears would be approved. A complete waste of space; but it does make interesting reading and in my view, shows you exactly what not to do!
Keep everyone posted on your progress
Wingco

[danspence000]

Re: Compass debt company

Hiya and welcome.

We don't reccomend anyone going with Abbey. I don't know what you've been told of their 'services' or how they were presented to you but they are not a debt management company. None of what you pay Abbey goes to your creditors. Rather, they claim to look into whether the debts you owe might be unenforceable. In our view you're just throwing good money after bad. I would contact them and cancel any agreement you have with them and either set up your own self managed plan or use a free debt management service such as StepChange.

Thank you,

further reading and research has brought me to just the course of action you suggest.

I am posting my correspondance to Abbey and my creditors this afternoon.

Thank you for being here

[mox113]

Re: Compass debt company

I hope this is in the right place, Compass told me that I had to settle with all creditors at the same time. I have a number of smaller creditors I could settle with relatively quickly allowing a larger monthly payment to the others. Is this a course of action worth following? Now that I am taking control back I want to do a better job than Compass did. Letters from creditors suggest they are sympathetic to the situation.

I am also a little worried that I may not have contact with some creditors who dealt solely with Compass. Hence a SAR to the administrator as due diligence.

For my DIY DMP,

Step 1 Letters to creditors along the lines of the template on here.

Step 2 Cancel letter to Abbey and Standing Order Cancellation.

Step 3 Produce spreadsheet to manage who and what and how much. Just done this and it is just as scary as it was when we started with Compass

Step 4 CCAs to all creditors as part of the new management I need to make certain of everything.

That's it for now. I must also say that any trust I had in financial organisations is gone.

Hope you are all well

Mox

[mox113]

Re: Compass debt company

oops - I posted a duplicate - apologies everyone.