Compass debt company

[Wingco]

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

Mox

Hi Mox

Brilliant and well done.

One of the limitations of most Debt Management Companies (DMCs) appears to be their insistence that we pay proportionate amounts to each creditor and settle amounts proportionately. Whereas, you and I, and no doubt many others, appear to favour clearing those that we can afford thereby minimising the work involved. Also, I'm intending offering Full & Final Settlements (FFS) to those who cannot comply fully with my CCA letters. Clearly, it would be different if we suddenly won the lottery, gained an inheritance or found some lucrative criminal activity:judge2:, and we would then be able to spread our funds 'fairly' to the Debt Collection Agencies (DCAs).

I agree fully with the 'financial spreadsheet'. Don't you wish you had done this before? I find it a great challenge every few weeks to update it and reduce my outgoings. My task today was to reduce my Electricity and Gas SOs. I discovered a massive credit balance on my account and called the utility company who immediately refunded £500, and reduced my monthly electricity SO to £30 from £60. That's going to look good on my spreadsheet.

What with further savings on Sky TV, car insurance and cancelling an appliance maintenance plan, I'm quids in this month, but I'm sure there is more to be saved.

AND IT's FUN!!!!!! AND WE ARE IN CONTROL, which is the most important thing.

By the way, don't lose faith in all financial institutions; there is a small organisation on the Isle of Skye, a family business, Wee Willy McFie, IFA and Small Baubles Manager. You can trust Wee Willy. The rest are "a bit dodgy". :laugh:

Wingco

[Wingco]

Re: Compass debt company

oops - I posted a duplicate - apologies everyone.

Apology accepted - I read it twice! Both were equally interesting :duh:

[Gilltheblackcat]

Re: Compass debt company

Hi Mox
or found some lucrative criminal activity:judge2:,


Wingco

What like running a DM firm and paying ourselves not from profit dividends with other people's money which we have nicked, er had a computer cockup and lost.....?

[Wingco]

Re: Compass debt company

What like running a DM firm and paying ourselves not from profit dividends with other people's money which we have nicked, er had a computer cockup and lost.....?

It's not a bad idea. We have the experience. I'm sure we could do a better job than Solloway!!! And do it legally. It's strange how those who have a solid business idea often end up being a "bit dodgy"!!!!!!!!!!!!!!!!!!!

[enaid]

Re: Compass debt company

It's not a bad idea. We have the experience. I'm sure we could do a better job than Solloway!!! And do it legally. It's strange how those who have a solid business idea often end up being a "bit dodgy"!!!!!!!!!!!!!!!!!!!

It's simply because they can, none or little regulation, no vetting of people starting up a business, hence repeat rip off merchants.
If you have a google you will find it is far more difficult to breed a cow legally than to start a business where you can milk thousands and get away with it.

[Unlimited5]

Re: Compass debt company

It's not a bad idea. We have the experience. I'm sure we could do a better job than Solloway!!! And do it legally. It's strange how those who have a solid business idea often end up being a "bit dodgy"!!!!!!!!!!!!!!!!!!!

We could do a cooperative DMP company!!!

[Wingco]

Re: Compass debt company

It's simply because they can, none or little regulation, no vetting of people starting up a business, hence repeat rip off merchants.
If you have a google you will find it is far more difficult to breed a cow legally than to start a business where you can milk thousands and get away with it.

May I introduce Wee Willy's DMC.

Anyone with debts in excess of £1000 can contact Wee Willy and we will set up a DMP for you. We aim to have you debt free in 6 months but it may take longer. Your plan doesn't start until we receive your first monthly payment (Min £100). We will send you a basic monthly statement which will tell you precisely how much we are paying your creditors plus how much is being paid into your pot but precious little else. The pot is held in an escro account separate to the Wee Willy account which is based in Panama. The directors promise only to drive small cars with diesel engines and low CO2 emissions. We will only wear watches costing less than £200 and our homes (we call them crofts) will be worth less than £200,000. We promise only to take one annual holiday and it will always be within the UK staying in 3-star hotels or less.
We have given up breeding cows - too much regulation.

I'm sure we will make enough to pay for Haggis and Neeps once a week and a wee dram on Fridays (pay day). We take Nectar.

Wingco (Wee Willy)
ps. It's a lot better than we got from Compass.

- - - Updated - - -

We could do a cooperative DMP company!!!

Now you are talking. Would our pay be like the Co-Op dividend?:doggieyes:

Wingco

- - - Updated - - -

[Gilltheblackcat]

Re: Compass debt company

. The directors promise only to drive small cars with diesel engines and low CO2 emissions.

RANGE ROVERS come will v8 diesels which our American friends would call a 'small block' speaking of which did anyone notice the car the Directors3 turned up in to the meeting? A knacked M reg discovery. No doubt they were advised to go low-key....

[Wingco]

Re: Compass debt company

RANGE ROVERS come will v8 diesels which our American friends would call a 'small block' speaking of which did anyone notice the car the Directors3 turned up in to the meeting? A knacked M reg discovery. No doubt they were advised to go low-key....

That was the cleaner's Discovery. Apparently they were indeed advised to turn up low-key!!!
Wingco

[enaid]

Re: Compass debt company

So nice to see you taking a light hearted view on all this, it must be hard I know but it's a lot better for your health and helps others in this poosition relax a little too xx

[Wingco]

Re: Compass debt company

So nice to see you taking a light hearted view on all this, it must be hard I know but it's a lot better for your health and helps others in this poosition relax a little too xx

It's done - there's nothing too much we can do now, so we might as well get on with our DMPs and laugh. Some people have lost so much money through Compass and other DMCs, but you have to get on with life. The LB Team have helped so many of us and without your help, we might (would) be lost and miserable. And we aren't going to get back huge sums, if any, so we might as well enjoy the ride!
Wingco xx

[Unlimited5]

Re: Compass debt company

It's done - there's nothing too much we can do now, so we might as well get on with our DMPs and laugh. Some people have lost so much money through Compass and other DMCs, but you have to get on with life. The LB Team have helped so many of us and without your help, we might (would) be lost and miserable. And we aren't going to get back huge sums, if any, so we might as well enjoy the ride!
Wingco xx

I agree, we need to take a positive view as some people are really struggling to cope and there is help available and people to talk to.. I would have been lost without the help I have received on here but I am now more optomistic and mentally better having shared the help.

[Joseph Williams]

Re: Compass debt company

Hi, I'm just about to cancel with Abby, but they have had two payments from us and started to sent letters to our creditors. I hope we can get out of this contract, I think we would rather contact the creditors our self, but not sure now what they will say seeing us Abby have started CCA letter, any advice .

[Unlimited5]

Re: Compass debt company

Hi, I'm just about to cancel with Abby, but they have had two payments from us and started to sent letters to our creditors. I hope we can get out of this contract, I think we would rather contact the creditors our self, but not sure now what they will say seeing us Abby have started CCA letter, any advice .

you are within your rights to cancel at anytime, they will just send you a cancellation letter.

[Gazc]

Re: Compass debt company

Well I have to give a big thumbs up to Mint Credit Card yesterday, this is one that had not defaulted which compass were paying and not had a payment since January, they have agreed monthly payments, frozen charges and interest, and agreed not to default it if monthly payment made by end of April.
All our debts are 10 Years plus and defaulted and now with DCA, this was a real relief as it would have been added to our credit file for 6 years.
We have a light at the end of the tunnel!
Onwards and upwards.