Compass debt company

[skybluereds30]

Re: Compass debt company

Hi Guys, Found this forum after trying to get an update of what is going on... my story is as follows:

I contacted Compass in January 2009 as i had a crap upbringing and ran away from home at a young age, i racked up debts of around £13,000 and couldnt see a way out, at the time, compass was a god send. I was paying about £600 a month to creditors and they reduced my monthly payment to £161 a month and promised i would be debt free in 5 years. The sales person i remember was actually the cousin of Neil Warnock (some of you who follow football will relate) or so he said, i forget his name and i can't find my original agreement. In 2014, i began to get concerned that i was still paying the £161 and my debts were not cleared, to be fair i can be classed as one of the Lucky ones, as i kept pestering compass and they did end up agreeing settlements with all but one of my creditors and did actually pay them.

They agreed in 2015 that i could reduce my payments to £50 a month as i only had Tesco Bank left to pay and i owed them about £1800. I think my last conversation with them was around November/December 2015 when they offered Tesco a settlement which was refused, i again complained that nearly 7 years later i was still having to make payments to them even though i was promised i'd be debt free in 5 years, at which point they advised me they had enough money in my 'client account' to settle with Tesco and to stop paying them. A bit odd but i thought no more of it.

I recommended my brother to compass in 2010 as he also had some difficulty, he went with them too, the only reason i found out about compass was when my brother advised me they had gone into administration, he had a letter and a phone call, telling him to go to Abbey Legal, i heard nothing. Anyway i am lucky i only owe £1680 to Tesco Bank and Compass only stole around £1300 of my money, although had a it happened six months earlier i would have lost about £7,000 however my brothers debts had not been settled at all and they have run off with £7500 of his.

It's sickening and a disgrace that this can be allowed to happen.

[EXC]

Re: Compass debt company

Hi skybluereds20 and welcome.

at which point they advised me they had enough money in my 'client account' to settle with Tesco and to stop paying them.

Do you have this in writing?

he had a letter and a phone call, telling him to go to Abbey Legal

Again, do you have the letter?

[Gilltheblackcat]

Re: Compass debt company

Do you have this in writing?

Just like the phonecall I had,

'We have enough money to negotiate all your debts, and you will have some change left over'

thereafter the 'balance' fell off the statements. No written notice or anything. They knew what they were doing.

I'm surprised that non of their staff have been public yet.

I really don't like how the liquidaor can take so long, enough time to squirrel all the directers3 assets to Panama.

[mm2u]

Re: Compass debt company

I feel the same with Elite Debt solutions and now say i owe them money. I have 1 debt they is uneforceable and have offered me an alternate option of going to High Street Solicitors tot ake it to court and challenge this but pay them £1800 over 12 mths at 150 per month for my level of debt £5500. Try stepchange they are good and offer free debt management plans.

[Amethyst]

Re: Compass debt company

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

[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

[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

[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

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

[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.

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.

[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.

[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

Thank you Wingco

[danspence000]

Re: Compass debt company

Any news on administrators meeting please?