Compass debt company

[taff_dragoness]

Re: Compass debt company

Can you help have just found out my debt management company has gone under where do i go they havent finished the job and there is money in a account that is mine. What do i do so scared. thought i was getting my live back and now its gone to pot

Thanks for all the help but head is about to go bang, what form and why, and is lighthouse not a good move if not WHAT DO I DO

- - - Updated - - -

Thanks wingco but your links dont work

[Kati]

Re: Compass debt company

Thanks for all the help but head is about to go bang, what form and why, and is lighthouse not a good move if not WHAT DO I DO

The form [MENTION=6]Amethyst[/MENTION] linked to in post #14 - http://lbcompare.co.uk/wp-content/up..._Creditors.pdf
I've no idea about Lighthouse tbh (:sorry, but you'll get lots of help from everyone here :nod: xx

[taff_dragoness]

Re: Compass debt company

You are doing great Amethyst and all of you, I dont feel so alone, i am not good at this sort of thing and find it hard to understand legal stuff.

[charitynjw]

Re: Compass debt company

From the Derby Telegraph link (above)

Corbyn: Chris Williamson losing Derby North was 'the worst result of that night'





Read more: http://www.derbytelegraph.co.uk/Firm...#ixzz42mnwgg2r
Follow us: @DerbyTelegraph on Twitter | derbytelegraph on Facebook

http://jeremycorbyn.org.uk/

Jeremy Corbyn MP
✔ @jeremycorbyn

http://jeremycorbyn.org.uk/contact/

(If anyone's interested)

[Nibbler]

Re: Compass debt company

Which has to do with Compass what exactly?

Apart from randomly to do with Amanda Solloway on an unrelated issue?

[charitynjw]

Re: Compass debt company

Which has to do with Compass what exactly?

Apart from randomly to do with Amanda Solloway on an unrelated issue?

Corbyn: Chris Williamson losing Derby North was 'the worst result of that night'

By Derby Telegraph | Posted: February 11, 2016

By Chris Mallett

• SHARE PICTURE

Labour leader Jeremy Corbyn is quizzed by Derby Telegraph politics editor Chris Mallett

Comments (21)LABOUR leader Jeremy Corbyn has said Chris Williamson losing the Derby North seat at the last General Election was the worst result of that night.
And, on a visit to the Derby Telegraph yesterday, he has said that he believes that loss to Conservative Amanda Solloway was down to a combination of the “national swing” against Labour and Green party supporters voting for their party instead of “the Greenest MP he knows”.
He said that, had Mr Williamson, still been an MP, he would have been part of his “housing team” but stopped short of saying that Derby North would be one of his party’s target seats in 2020, saying it would be premature as electoral boundaries had not yet been set.
He said: “That was the worst result of that night for me. Chris Williamson is a very great friend of mine. It was a shock actually.”




Read more: http://www.derbytelegraph.co.uk/Corb...#ixzz42nBgxp1s
Follow us: @DerbyTelegraph on Twitter | derbytelegraph on Facebook


I'd be interested if it were me!

[Wingco]

Re: Compass debt company

Thanks for all the help but head is about to go bang, what form and why, and is lighthouse not a good move if not WHAT DO I DO

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Thanks wingco but your links dont work

Hi Taff

Sorry - you could try rmrfinancialserviceslimited@aabrs.com or info@aabrs.com . They will send you the information you need to register a claim but that must be done in the next few days and prior to the creditors' meeting on 21st March. Any questions on the info required, just ask me.

I would not take your Union's recommendation too seriously. The person who recommended their DMC has probably very little knowledge of DMCs. You could ask him/her what their experience is with Lighthouse, whether or not they charge a fee, and are they regulated? Does the Union receive a commission from their recommendation? (Just a thought) If you get satisfactory answers to these questions, then it is up to you.
If you feel up to it, you can do it all yourself - it's just a matter of sending a few letters (full templates are on here) to your creditors and offering to pay what Compass paid - you will be better off as you are not paying Compass' fee on top. You will be in control and if you run into problems people on here will help you. But PayPlan, Stepchange and the CAB can all do a DMP for free. My experience is that Stepchange didn't want to be as flexible or as generous as Compass and were not prepared to allow full Sky TV, a savings account for future Tax, business mobile phones still under contract for at least 12 months, my wife's vaping//smoking habit (just £10 per month as opposed to £10 per day for fags) or essential over-payments on 2 mortgages insisted upon by my lenders. Stepchange's advice was to sell my properties but that would dramatically reduce my annual income and future pension top ups by £20+K from buy-to-let properties and I can't move away from my mother-in-law for whom we are close carers. The money from the house sales would be gobbled up by my very large debts - some people may argue so what? - I borrowed the money but I didn't quadruple the interest rates. I was lumbered with PPI and hideous bank charges, and a few of my creditors are American companies that helped cause the global recession. So I don't feel too guilty and I will pay off what I can fairly soon.

If your situation is straightforward and you are prepared to do as they say, you will find Stepchange more than helpful - you won't pay a fee, your creditor will recognise them, and they are regulated as are Payplan and the CAB. Mortgages and Tax must be priority debts, but I accept that Sky TV is a luxury but tell my sport fanatic wife that and don't touch her vaping.

The end result was Stepchange were going to want a much higher monthly contribution than Compass and Compass were very helpful when I needed them, as no doubt they were for you - we weren't to know what we know now. Hindsight is wonderful.

[Amethyst]

Re: Compass debt company

Wingco - Compass would have allowed you anything - they were taking £220 out of your £300 a month from you - so do you think they had your best interests at heart ? Stepchange may have wanted a higher amount each month but it would have actually gone to your creditors and you'd be in a much better position now. I'm still concerned as to what has happened with your credit file. Your situation is quite unusual and I have a feeling you have just been flushing £300 a month down the toilet in order to avoid having to sell your BTLs and keep Sky. It has given you breathing space and that might be worth the £300 a month to you. You have a handle on things yourself now and with a bit of support can probably organise sorting these debts out yourself now.

For Taff - Lighthouse is not a debt management firm - they are a financial advisers firm. The are not regulated to undertake debt management and most likely refer on a commission basis to a fee charging DMP provider ( which may not necessarily be in your best interest ) Alongside that it is likely that they will try and reorganise finances to take advantage of tax breaks and other stuff you didn't ever know you needed ( because you don't) - so I would certainly recommend contacting Stepchange as your first step - doesn't hurt to have a chat with them about your circumstances. http://www.stepchange.org/ . As the others said I don't think it is down to your union, they just don't have a clue and typed 'debt' into their 'providers' catalogue and lighthouse popped up. Speak with Stepchange first and feel free to post on here with any specifics that you need a hand with xx

[Openlaw15]

Re: Compass debt company

Thanks Openlaw. I'm surmising that Compass/RMR are using the word 'Trust' loosely, and that no separate 'Trust' was set up; if it had, the Administrators, AABRS would surely know immediately the clients' pots are intact or not.

The criminality comes from the fraud of assuring clients their money was in a pot that we could withdraw at anytime or make F&F Settlement offers from it (T&Cs). Clearly, if all the money is intact and AABRS are just being circumspect at this early stage, no fraud has taken place. AABRS however appear to indicate there are few assets for distribution - so what happened to the company cars?

I would like to come back to you when we know more on the 21st the status of the 'Trust'.

Yes you can copy the statement.

Key ideas: Company holds on trust as per its express trust (ie trust in writing in the contract); Administrator acquires trustee title at bankruptcy so then holds on trust for company's beneficiaries; fraudulent company's trust = claims against non company property or assets.

Money held on trust for others by the bankrupt is not bankruptcy estate: s.283 (3 (a)), Insolvency Act 1986

If it were a dodgy trust they'd likely use the terms 'absolute discretion'..but as it says 'money' & 'held on trust', it's saying the company acknowledges the pots of money do not belong to them rather the company protects the trust with the pot of money c/o the company acting in its role as trustee, holding the money for its beneficiaries (you and others): Trustee Act 1925. The relationship thus implies where or when the company goes bankrupt the pots of money in that trust cannot be claimed by the administrator as property or assets: s.283, IA 1986. If the trust were a sham type and used as a fraudulent device then you can claim against any property they personally (ie not the company's) have, ie a claim in rem rather than claims for damages against them personally (ie claims in personam). So, if it is a limited company or other type of legal company (Company Act 2006 etc), all company property will be claimed by the administrator as trustee but not personal property. So whatever asset the person owns personally, ie not owned by his legal company by law you can go after that.

[Wingco]

Re: Compass debt company

Many thanks Openlaw - that's great news for me and many other Compass clients and no doubt other 'victims'.

Are you happy for me to cut and paste this as my memory ain't what it used to be?

[taff_dragoness]

Re: Compass debt company

Have you printed off a copy of the form Taff ? http://lbcompare.co.uk/wp-content/up..._Creditors.pdf ( page 6 )

Do you have a list of your creditors ?

Amethyst I have down loaded but don't understand what I should fill out I don't have final figures as compass haven't sent me a statement can anyone help

[Amethyst]

Re: Compass debt company

When did you last get a statement from Compass ?

You will need to send a Subject Access Request to the Administrators to get your full details back and figure things out but for the purposes of the form we can work it out near as damn it ...

when did you sign up with Compass ? Do the payments to them show on your bank statements ?

Do you know exactly how much they paid over to your creditors ? ( actually did not said they did - have you spoken to any of your creditors yet to check?)

[Wingco]

Re: Compass debt company

When did you last get a statement from Compass ?

You will need to send a Subject Access Request to the Administrators to get your full details back and figure things out but for the purposes of the form we can work it out near as damn it ...

when did you sign up with Compass ? Do the payments to them show on your bank statements ?

Do you know exactly how much they paid over to your creditors ? ( actually did not said they did - have you spoken to any of your creditors yet to check?)

Taff - don't "speak" to your creditors - I think that was a slip by Amethyst - you must keep things in writing. Send everything recorded delivery.

When I filled out the AABRS request for details I sent rough figures and pointed out that Compass don't send out debt statements only payment details. Don't worry if you can't answer the questions - I couldn't and I'm certain most people don't have that detail yet - just advise them that due to the lack of information from Compass you can't give exact amounts. At this stage you are just registering an interest. But in due course tell them you can obtain more details from the creditors. Besides, the CCA letters give each creditor 12+2 days to respond and you have to respond by the end of this week. But do follow up with precise amounts once the creditors have responded - you only need send the CCA template letter as that will include all statements and payments in what they have to return to you.

Any further questions - just ask.

[taff_dragoness]

Re: Compass debt company

Thank you Amethyst ye ask you said lighthouse is a no will ring stepchange in the morning the only thing is i dont have final figures, but will sort something.

[Wingco]

Re: Compass debt company

Thank you Amethyst ye ask you said lighthouse is a no will ring stepchange in the morning the only thing is i dont have final figures, but will sort something.

Hi Taff

Stepchange has an oniline form on their website that asks you about your income and expenditure. It's a good idea to complete this first and get a reference number, otherwise the advisor will be on the phone for ages assessing your situation.

You will need to estimate your weekly food/grocery bills, and all other household outgoings - best if you can do that in slow time on-line.

Some of the questions the form will ask are: Do you smoke and how much do you spend on cigs?

Do you have a TV/Satellite contract (Sky, Virgin etc)?

They will want to know your water, gas and electricity charges and if you are in arrears with these bills. What are your telephone and mobile bills? What is your council tax payment and are you in arrears? What are your rent or mortgage payments and whether you are in arrears.

Any insurances that you pay. Club subscriptions. Magazines/paper bills.

House maintenance costs or holiday costs, rainy day savings.

Do you run a car? If so, what are your road fund licence costs, MOT, insurance, maintenace costs (servicing, tyres, parking etc.) and monthly fuel costs. If no car, your public transport costs.

You will need to estimate your average monthly spend on dry cleaning, hairdressing, clothes, entertainment and eating out/takeaways.

As you complete the form, it will prompt you with suggested monthly spends and tell you if they think your spend is too high (it didn't like my Sky, Gas and Mobile phone costs). If you don't correct them on the online form the advisor will ask you to reconsider your spending when discussing your expenditure on the phone.

You will be asked about savings and any other forms of income - benefits, allowances, child allowance, etc.

As you can imagine, doing this whilst on the phone is almost impossible. So best to find all your relevant bill and statements in advance.

They know all about the collapse of Compass. It helps to have a Compass monthly contribution to your creditors statement and a rough idea of the size of your debts.

It sounds worse than it is and you can estimate where you don't know the figures - I did that a lot.

Good luck and do let us know how your contact with Stepchange went.

Wingco