Compass debt company

[EXC]

Re: Compass debt company

Well done for sorting your own DMP.

[mox113]

Re: Compass debt company

I just wanted to touch base with this forum again after a few months off.

We now have our own DMP sorted and being paid to all but two of our creditors, those two are just not answering letters!! Amongst some good news there have been battles with a couple of these companies. Notably a three hour phone call with Northern Rock and a letter exchange with Cabot that is staggering in its stupidity.

However, it still annoys the hell out of me that we had thousands stolen and there is precious little we can do about it. Action Fraud are taking no action and the police are just not interested.

Anyway, I should have sorted my own plan out years ago.

Good Luck to everyone who was with Compass. Shame on all those who worked there and knew our money was being siphoned off.

[EXC]

Re: Compass debt company

Tune in to BBC Rip Off Britain Friday 7 October.

Julia Somerville, Gloria Hunniford and Angela Rippon explore stories where viewers feel let down by companies claiming to be the experts - discovering how a business supposed to help people manage their debts left them owing more than they had in the first place.

http://www.bbc.co.uk/programmes/b07yb8bn

[Compass]

Re: Compass debt company

Both these organisations have failed you, ask these government bodies why nothing was done when I provided damning concrete evidence against Compass. Original email removed but I will provide to any Police investigation.


Reported to OFT that they were criminals. reply

Consumer Credit Act 1974 (the Act)
Complaint Against: R M R Financial Services trading as Compass Debt Counsellors, Mr Robert Solloway trading as Compass Debt Counsellors
Licence No: 637199, 612961

Thank you for your email received on 26 August 2011. I sincerely apologise for the delay in responding.

I can confirm that 2 Consumer Credit Licences at the postcode you mention have the trading name ‘Compass Debt Counsellors’. Under the Consumer Credit Act, holders of consumer credit licences must be fit and competent to do so and the OFT has a duty to monitor the fitness and conduct of all traders who hold such a licence.

We have therefore noted the details of your email, and we will consider this alongside any other complaints we have received with a view to any consumer credit licensing or other action we may decide to take. If we do take any action against these traders we may need to contact you again in the future. Unfortunately, we cannot disclose any details about any action we may take, due to legal restrictions on the OFT relating to disclosure of information.

Thank you again for writing to us and bringing this matter to our attention.

Yours sincerely

XXXXXXXXXXXX
Enquiries and Reporting Centre
Office of Fair Trading

Then to FCA. Reply



Our Ref:

Many thanks for your email and I apologise for the delay in replying.

The information you have supplied will be passed to the relevant area of the FCA for review and action as appropriate.

The FCA will do all it can to protect the identity of whistleblowers but can give no ultimate assurance that legal processes will not require revelation. In such rare circumstances your views would be sought before such action was undertaken.

The Financial Services and Markets Act places restrictions on our ability to provide you with significant feedback including what action the FCA may, or may not, decide to undertake.

Should you require further advice or guidance concerning your position as a 'Whistleblower' we suggest that you visit the Public Concern at Work website at www.pcaw.org.uk. This organisation can also be contacted on 02074046609.

Additional information and guidance on the FCA whistleblowing procedures can be found atwww.fca.org.uk/site-info/contact/whistleblowing or the whistleblowing desk can be contacted on 02070669200.

Yours sincerely

XXXXXXXXXX


Associate – Whistleblowing Team
Financial Crime and Intelligence Department / Enforcement and Financial Crime Division
Financial Conduct Authority
25 The North Colonnade, London E14 5HS
Direct Line: +44 (0) 20 7066 9200
Email: whistle@fca.org.uk

Please note that telephone calls may be recorded.

This email (and any attachments) has been classified as FCA: restricted - Enforcement and may be subject to legal professional privilege

Subject: Fwd: Debt Management Company Stealing From Clients







I have just read that the FCA will be responsible for policing debt management company's from the 1st of April. With this in mind may I bring the following to your attention. This is a copy of an email I sent to the OFT as I discovered a multi million pound fraud only to be told by the OFT that they were not responsible for debt management company's. To this date new customers are still paying into Compass as it operates like a pyramid sales organisation. If they do not attract new customers through unsolicited calls the whole scheme will collapse and clients will lose everything they have paid in.



Please put a stop to this.



Regards,

XXXXXXXX

This communication and any attachments contains information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify postmaster@fca.org.uk immediately and delete the email from your computer.


The FCA reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.


This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from


The Financial Conduct Authority (FCA)
25 The North Colonnade,
Canary Wharf,
London
E14 5HS
United Kingdom


Registered as a Limited Company in England and Wales No.1920623.
Registered Office as above


Switchboard: 020 7066 1000
Web Site: http://www.fca.org.uk
************************************************** ***************

[danspence000]

Re: Compass debt company

Any news on administrators meeting please?

[sal77]

Re: Compass debt company

Thank you Wingco

[Wingco]

Re: Compass debt company

Hi, just wondering if any update on when the next meeting is with the administrator. Fingers crossed for everyone that we will have some good news.

Hi Sal
Nothing heard yet - I doubt anything will be said before 1st September.
Wingco

[sal77]

Re: Compass debt company

Hi, just wondering if any update on when the next meeting is with the administrator. Fingers crossed for everyone that we will have some good news.

[mm2u]

Re: Compass debt company

Received an invoice today from EDS for the £97 "for the outstanding balance of our success fee, in relation to a negotiated reduced settlement with Barclaycard " signed by the accounts Department, EDS.

This negotiated settlement debt reduction with barclaycard saved 1600. Settled it in March 2015. for £687. They have already taken £302.16 in success fee which they charge at (25% of Reduction in Debt) They have given me a sort code of 01-08-38 and Account No 54974763.

They also have a VAT reg no 217976864.

They want it paid within 7 days.

However in june and july 2014 correspondence from EDS changed my DMP into a Debt Negotiation Plan and said no negotiated success reduction fees would be charged.

I dont think EDS have cashed my cheque as its in my name but kept it for over a year and never said anything when they received it. They insisted I send any monies from PPI to them to include in the accumulation fund. They did take a PPI reclaim success fee and said is new plan June/July 2014 that the success fees taken would be PPI reclaim fees.

Should I just hang fire with RBS and wait and see what they come up with as they may send my debt to DCA as I was thinking of f & f settlement at a lesser amouunt.

EDS havent sent the letter from RBS confirming the loan was unenforceable and that they couldnt provide a copy of the original credit agreement but would still pursue it. Im not surprised.

I also came across a letter from EDS in 2014 stating that another company called EDS were acting fradulently and not to confuse with them.

How can EDS request this money if they are not dealing in debt negotiation any more and stopped managing my debts at the end of May.

My bank acount has been closed and in default from July 2014.




































































































mm2u

Depending how much that loan is it seems an awful lot to be paying £1800 without any money going to the actual debts so I must say you have made the right choice there to deal with things yourself. I do have a copy of the HSS agreement from someone else so know exactly what they are offering. You would be much better using that money to pay off the debts.

You only have 2 debts? and one is this RBS loan, and the other is an overdraft debt of £1900 ? You've already paid off about £2k of debts - how long were you with Elite for ? and you have stopped paying them now I hope?

Overdraft = Having £113 of interest and charges on a £1900 overdraft is pretty minimal. Has that already defaulted and the bank account been closed ?

On the Loan - if Elite have sent RBS a formal request for a copy of the original credit agreement and RBS have responded that they don't have it then, unless they locate it, the debt is currently unenforceable. The position could change if they locate the agreement so now would be a good time to negotiate a lower full and final settlement if you want to. If you do settle it then it will stay on your credit file for the next 4 years but will be marked as settled. If you don't settle and cease your token payments then RBS could sell the debt on to a DCA's who could chase you and take court action ( which you could defend on the basis of non compliance with the consumer credit act). So there's £5500 outstanding ? What kind of settlement were you thinking? RBS may not be open to it so you may want to wait until they sell it to a DCA, who might then be more open to settlement - however RBS are only likely to sell it for 10-20% of the value of the debt, so might be open to 40% settlement lump sum or 50/60% over installments. Something to think about really and anything should be done in writing.


With regard Elite charging your for settling other debts then we should write to them telling them that the amount they are charging isn't allowed for in the terms and conditions. On reclaiming previous fees you shouldn't have been charged - it would depend whether Elite are still trading/solvent - I think they went under and lost their credit licence a little while ago ? Ahh yes you've had notice from the FCA about it

You'll need to contact Genworth too about this PPI refund if Elite have had it away. Find out if the cheque was cashed, and if not could they sent you another as your DMP appear to have lost it.

- - - Updated - - -

How do I get markers removed from my credit file, as 6 payments late then went default with RBS but debt management company took over the debts in Oct 2013 EDS for loan account and bank account, bank is closed.

[mm2u]

Re: Compass debt company

I wanted to remove markers on my credit file from RBS as it is showing from Oct 2013 AP and then 1 paymnet late up to JUne (six payments late then Default in July 2014. Can I contact RBS to get these markers removed as I went into a DMP with EDS and token payments were made from Oct 2013/ Jan 2014.

[mm2u]

Re: Compass debt company

Received an invoice today from EDS for the £97 "for the outstanding balance of our success fee, in relation to a negotiated reduced settlement with Barclaycard " signed by the accounts Department, EDS.

This negotiated settlement debt reduction with barclaycard saved 1600. Settled it in March 2015. for £687. They have already taken £302.16 in success fee which they charge at (25% of Reduction in Debt) They have given me a sort code of 01-08-38 and Account No 54974763.

They also have a VAT reg no 217976864.

They want it paid within 7 days.

However in june and july 2014 correspondence from EDS changed my DMP into a Debt Negotiation Plan and said no negotiated success reduction fees would be charged.

I dont think EDS have cashed my cheque as its in my name but kept it for over a year and never said anything when they received it. They insisted I send any monies from PPI to them to include in the accumulation fund. They did take a PPI reclaim success fee and said is new plan June/July 2014 that the success fees taken would be PPI reclaim fees.

Should I just hang fire with RBS and wait and see what they come up with as they may send my debt to DCA as I was thinking of f & f settlement at a lesser amouunt.

EDS havent sent the letter from RBS confirming the loan was unenforceable and that they couldnt provide a copy of the original credit agreement but would still pursue it. Im not surprised.

I also came across a letter from EDS in 2014 stating that another company called EDS were acting fradulently and not to confuse with them.

How can EDS request this money if they are not dealing in debt negotiation any more and stopped managing my debts at the end of May.

mm2u






+

EDS said they would tke action against me to get this £97 and were really nasty and said I didnt want to pay it and would send out an invoice. I told them I wanted my file closed in May, and all correspondence sent back to me, and any monies in my accumulation fund as I had paid in £80 in April 2016. They said this could take a while as they have over 400 clients to deal with. I have settled debts on this plan started off with 9600* and have £5510 loan and £1990 overdraft still to pay and both creditors are RBS.

They did a PPI claim took a fee for this but insisted I send them the cheque from the company who paid out (Gentworth) £127 so it could be paid into my accumulation fund. However they sent this cheque back 2 weeks ago and cheque was dated 2015. They said they couldnt pay it into my account as it was in my name, but never contacted me further about it. When I queried it they said I should contact Gentworth as cheque is anulled and get them to issue a new one. They have said that Gentworth are still operating and in business. I dont know if they still are. It was a PPI claim for a Debenhams store card. I also got a letter from FCA stating that Elite Debt Solutions will no longer be dealing with debt negotiation.

mm2u

[Amethyst]

Re: Compass debt company

Depending how much that loan is it seems an awful lot to be paying £1800 without any money going to the actual debts so I must say you have made the right choice there to deal with things yourself. I do have a copy of the HSS agreement from someone else so know exactly what they are offering. You would be much better using that money to pay off the debts.

You only have 2 debts? and one is this RBS loan, and the other is an overdraft debt of £1900 ? You've already paid off about £2k of debts - how long were you with Elite for ? and you have stopped paying them now I hope?

Overdraft = Having £113 of interest and charges on a £1900 overdraft is pretty minimal. Has that already defaulted and the bank account been closed ?

On the Loan - if Elite have sent RBS a formal request for a copy of the original credit agreement and RBS have responded that they don't have it then, unless they locate it, the debt is currently unenforceable. The position could change if they locate the agreement so now would be a good time to negotiate a lower full and final settlement if you want to. If you do settle it then it will stay on your credit file for the next 4 years but will be marked as settled. If you don't settle and cease your token payments then RBS could sell the debt on to a DCA's who could chase you and take court action ( which you could defend on the basis of non compliance with the consumer credit act). So there's £5500 outstanding ? What kind of settlement were you thinking? RBS may not be open to it so you may want to wait until they sell it to a DCA, who might then be more open to settlement - however RBS are only likely to sell it for 10-20% of the value of the debt, so might be open to 40% settlement lump sum or 50/60% over installments. Something to think about really and anything should be done in writing.


With regard Elite charging your for settling other debts then we should write to them telling them that the amount they are charging isn't allowed for in the terms and conditions. On reclaiming previous fees you shouldn't have been charged - it would depend whether Elite are still trading/solvent - I think they went under and lost their credit licence a little while ago ? Ahh yes you've had notice from the FCA about it

You'll need to contact Genworth too about this PPI refund if Elite have had it away. Find out if the cheque was cashed, and if not could they sent you another as your DMP appear to have lost it.

[mm2u]

Re: Compass debt company

EDS said they would tke action against me to get this £97 and were really nasty and said I didnt want to pay it and would send out an invoice. I told them I wanted my file closed in May, and all correspondence sent back to me, and any monies in my accumulation fund as I had paid in £80 in April 2016. They said this could take a while as they have over 400 clients to deal with. I have settled debts on this plan started off with 9600* and have £5510 loan and £1990 overdraft still to pay and both creditors are RBS.

They did a PPI claim took a fee for this but insisted I send them the cheque from the company who paid out (Gentworth) £127 so it could be paid into my accumulation fund. However they sent this cheque back 2 weeks ago and cheque was dated 2015. They said they couldnt pay it into my account as it was in my name, but never contacted me further about it. When I queried it they said I should contact Gentworth as cheque is anulled and get them to issue a new one. They have said that Gentworth are still operating and in business. I dont know if they still are. It was a PPI claim for a Debenhams store card. I also got a letter from FCA stating that Elite Debt Solutions will no longer be dealing with debt negotiation.

mm2u

[mm2u]

Re: Compass debt company

Who says one of the debts is unenforceable ? Elite or HSS ? Have you signed up with HSS ?

Elite Debt Solutions have said the RBS loan was unenforceable and had a letter from RBS confirming that the debt was unenforceable and couldnt provide a copy of orginal credit agreement but will still pursue the debt. I have asked Elite Debts to send me a copy of this letter from RBS to challenge this debt.

This has been raised as a complaint by me with RBS and they are investigating it. RBS have also said in telephone call yesterday that they cant provide me with a copy of the credit agreement and asked them to send me a copy plus a breakdown of all interest and charges on my account. As I am challenging this debt and wondered does this have to be paid as they cant provide the credit agreement under the CCA Act 1974.

Or could I partial settle at a lower amount or do I not need to pay it. It is showing as default on my account since July 2014 and would like it settled. I am awaiting outcome as I contacted Stepchange to manage my 2 debts, but maybe able to manage myself and offer f & f settlement for loan and also have overdraft of £1900 which has £113 of interest and charges as EDS did a SAR over 6 years and found this. This has also been raised with RBS.

Elie Debts tried to get me to go with HSS and take this to court as they say its unenforceable but pay £1800 for this level of debt at £150 for over 12 months. I refused to do this as was my choice. My accumulation fund had £54 in it and they took it for success fee negotiation reduction for a debt that had been settled, when I queried this, they were nasty and said I owed them £97 towards a debt settled back in March 2015. I was in a debt management plan from Oct 2013 and in June 2014 was changed to Debt Negotiation Plan and terms and conditions state no success fee negotiation reduction would be charged but other success fee negotiation reduction fees have been charged including £200 taken in Dec 2015. A case fee was taken every month. More money went on case fees every month than did to creditors.

mm2u

[Amethyst]

Re: Compass debt company

Who says one of the debts is unenforceable ? Elite or HSS ? Have you signed up with HSS ?