Compass debt company

[taff_dragoness]

Re: Compass debt company

Yep sure does Nibbler

[Amethyst]

Re: Compass debt company

This is the letter - http://lbcompare.co.uk/wp-content/up..._Creditors.pdf

You want this page ( have just put a couple notes on it to hopefully help a little )

[Nibbler]

Re: Compass debt company

Does sound like they were trying to pull one last trick to be honest, knowing the main business was doomed.

[taff_dragoness]

Re: Compass debt company

O yes and Wingco one thing i did find out from one of my creditors was they havent had a payment since december but were ok about it they said leave it and let Sepchange sort it. So looks like Compass had a idea things were going wrong then. So the phone call from Marcus about going with Abby was just a smoke screen.

[taff_dragoness]

Re: Compass debt company

Thank you Wingco yes i do feel a bit better, as for stepchange it is only going to cost me £1 more which wont break the bank, and yes as for the creditors i wont be intouch again it will all go through stepchange. As for this form you and amethyst keep saying page 6 pages not numberd can you give me a hint on whats on the top. As for the amount, i was going to put down there fee and what should be in the pot . As for expert this forum has been a god send you have all be so great, at the end of the day i am not good at this sort of thing ( as you can tell by the spelling and punctuation ) . So you are all expert to me. Will i get my money back i dont think so but if we dont all try we will never now

[Wingco]

Re: Compass debt company

j

BACS transfer charge ?

Well that's not mentioned in the contract. Under Administration and Management fees there is a bit saying they will charge 10% admin fee of payments made to creditors ( so if £80 was going to creditors they charged you £8 ?? )

The contract also doesn't state how much of your monthly payment will be taken for their fees, or how long the fees must be paid over. There's pretty much nothing saying where you £300 is going to or how it is being distributed. The total fee quoted doesn't seem to be 10% or 10%+VAT - seems to be just shy of 11% ( actually 10.97%) which is just slightly odd and random.

At the bottom of the contract there's a section about ' Compass Protection Plan ' - no fee specified but a ''monthly fee included in your payments'' - is that split out in the statements ? Did you ever receive details of the 'plan and premium' ?

I think their overall fee was meant to be 10% of the debt but it doesn't seem to be accurate. I did query it early on but I can't recall if I even got a reply; it was a huge difference and therefore left it.

Each month they charged a 10% fee as a BAC payment: £79.43 went to my 'creditors/DCAs' and £7.94 BACS Fee. The spread of 50:50 was we think a verbal agreement when we were 'sold' the plan at home. When you get your first few statements, you appreciate that they haven't got all 'creditors/DCAs' on side and therefore the £150 is not spent on your debt. But as time went on the amount never went above £79. We knew that our Compass fee was going down and assumed the unspent element of the Debt £150 was going against our fee which didn't concern us. It was only after time that we learnt that the £79 was the long-term payment and we never got a straight answer as to why it was not £150. I have put a claim in for the amount over and above the £79 minus £150 as agreed. It equates to £71 x 24 months and I ignore the BACS fee as that is taking the proverbial! I doubt very much that any of us will see anything from the Administrators but at least I will give them a little work to do.

I noted the Compass Protection Plan. I wonder if we have some form of protection from thieves? Or is this just another amount they have trousered?

I was never given any 'plan or premium'. I will see if I can get some clarification at Monday's meeting


It may seem that I have been very lax with this DMP. The mindset when you take it on is one of huge relief and great thanks that someone is able to sort your affairs out - just witness how Taff's tone changed markedly today having Stepchange start work on her DMP. As there were few other options available to us; we don't qualify for an IVA (we've spoken to a number of organisation about IVAs and we wanted to avoid bankruptcy as we would have lost our BTL properties and other assets. we were happy to let it run without too many questions. But we did write and phone on occasions when things weren't right - missed payments - and we took advantage then to probe their fee and the BACS payments. But communication was never their strong point.

Have you heard of any Administration Committee made up of creditors getting anywhere with doing the Administration work themselves? I note the fees the Administrators receive are huge. I would be more than happy to add my name to the committee provided there are some other more skilled people involved.

[Amethyst]

Re: Compass debt company

Hi Meg - have replied on http://legalbeagles.info/forums/show...494#post632494 xx

[meg123..]

Re: Compass debt company

Please help i was with Compass but signed up with Abbey Solicitors just before they went under. Compass put me in touch with them stating that if i paid Abbey £250.00 a mth they could reduced my debt in 12mths , as anybody heard of the please help

[EXC]

Re: Compass debt company

Someone was quick off the mark updating Amanda Solloway's Wikipedia entry https://en.wikipedia.org/wiki/Amanda_Solloway @controversy

[Amethyst]

Re: Compass debt company

BACS transfer charge ?

Well that's not mentioned in the contract. Under Administration and Management fees there is a bit saying they will charge 10% admin fee of payments made to creditors ( so if £80 was going to creditors they charged you £8 ?? )

The contract also doesn't state how much of your monthly payment will be taken for their fees, or how long the fees must be paid over. There's pretty much nothing saying where you £300 is going to or how it is being distributed. The total fee quoted doesn't seem to be 10% or 10%+VAT - seems to be just shy of 11% ( actually 10.97%) which is just slightly odd and random.

At the bottom of the contract there's a section about ' Compass Protection Plan ' - no fee specified but a ''monthly fee included in your payments'' - is that split out in the statements ? Did you ever receive details of the 'plan and premium' ?

[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 ?

The payments showed on my bank statements as RMR.

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?)

Each month we got a simple statement of each creditor/DCA and the amount paid. It was totalled and there was a BACs transfer charge.
That's about it.

[Wingco]

Re: Compass debt company

I love some of the comments on the Daily Mail website defending Amanda Solloway:

"She is not responsible for her husbands actions". But in her position, perhaps she should have told him to clean his act up otherwise she would report him. He has done this before, so she knows what he is like.

"She only visited his office. She wasn't connected with it in anyway." I wonder which Compass/RMR company car she drove, the Porsche or the Range Rover? As a Business Consultant, most people find it very hard to believe she wasn't aware of her husband's company's shortcomings. Did they never discuss business over their Black Forest Gateaux and After Eights?

She is a business advisor to the Government and serves on a business advisory committee - you couldn't make it up.

When you make a comment about your husband's business and the clients' lost money, it behoves you to say something a lot more meaningful than her sycophantic remark and clearly insincere concerns for those who have lost thousands - and these were people who really can't afford to lose anything.

They are both a disgrace and a waste of space.

[Wingco]

Re: Compass debt company

I agree with Amethyst. Just fill out page six with general information. It's probably academic anyway but once you have posted it off (First Class stamp or scan and email it), I would in slow time work out your balances and send them a more complete record of what you have paid Compass and the size of your 'pot'.

Glad the conversation with Stepchange went well. Are they insisting that you pay more than you were with Compass or haven't you got that information from them yet?

I'm pleased your creditors were pleasant but from now on it's far better to communicate by post. The reasons are:

1. They can get you to commit to things over the phone you might regret. The less you tell them the better. Remember, they are masters at getting money out of people.
2. If they have your telephone number, they might start calling you. If they do, refer them on to Stepchange. If they persist, we can help you with an anti-harassment letter.

You will get excellent advice on here from experts who have been through exactly the same problems you are going through now. I'm no expert but I'm learning fast!!! And I am going through the post Compass phase just like you.

Stay strong and you will see the light at the end of the tunnel.

Wingco

[Wingco]

Re: Compass debt company

The following comments on the Daily Mail website show some incredible ignorance and arrogance. I have hit back but I doubt it will have any effect.

[Amethyst]

Re: Compass debt company

Ahh that is great news Taff - hopefully you feel a bit better about things xxx

With the form for the liquidators - I think you only need to fill in your claim bits on Page 6. When did you first sign up with Compass and how much were you paying them a month - personally I think you should just calculate how much you have paid them and put that down on the form.