Compass debt company

[taff_dragoness]

Re: Compass debt company

Thank you Wingco still a bit mind blown at the moment but my union have put me in touch with a company called lighthouse still waiting for a call back, would find out just on a weekend. But will look into everything you have put here thanks again

[Amethyst]

Re: Compass debt company

In a Daily Mail Article published today ( Saturday 12th ) Alan Simon, of AABRS insolvency specialists, said at least 500 clients are thought to be affected. Asked if their money had been safeguarded, he said: ‘We don’t know where it is yet, we are still looking into that. We are working with the FCA.’

[Wingco]

Re: Compass debt company

Hi Taff

The same has happened to me. The address for the administrators is info@aabrs.com or rmrfinancialserviceslimited@aabrs.com . AABRS are the administrators. They will send you a claim form to lodge your interest in any funds held in your name. There is a meeting of clients on 21st March which once you have declared your interest you will be sent full details of. I'm going largely out of interest as I don't expect to get any money back although I will lodge my interest on the AABRS form.

I have contacted my creditors by letter. Don't talk to any of them on the phone - get everything in writing and largely use signed for post. Becasue you are no longer paying Compass' fees, you should have no problem paying each debt with the same amount and you will be better off. Alternatively, you can offer them slightly more -why would they refuse?

Doing it yourself based on the amounts Compass paid out is simple. Aidie (anther Compass client posting on here) and I both contacted Stepchange and we weren't very impressed; they are far less flexible and helpful as Compass. But they are free and many others like them.

All you have to do is write advising the creditors that you are an ex-client of Compass, then you can:
1. continue payments and give a figure at or slightly above the Compass payments.
2. Send a CCA letter (details are on this forum) which enables you to get full details of your credit agreements and balances. If they can't provide this information within 12+2 days the loan becomes unenforceable - which really only means they can't enforce full repayment in Law; you still owe the money. Apparently some creditors give up when they receive a CCA letter. I've not had any replies so far but there are still l6-8 days to run. When you send the CCA letter you need to include a £1 postal order with the words "For statutory fee use only". Send it recorded/signed for post.
Just Google the companies who hold your debts and you will find their addresses.

The secret is not to answer the phone or put it down having politely asked them to put everything in writing. You are not obliged to talk to them.

Keep a comprehensive file of your letters.

And DON't Worry. There is loads of excellent help on here and many people in the same boat.

If you have any questions, just ask on here.

Wingco

[Amethyst]

Re: Compass debt company

Thanks Wingco xxxx

Just a small disclaimer on the CCA - if they don't send a copy within the 12+2 the debt is temporarily unenforceable - they can come up with it at a later date and enforce. The 12+2 is kind of a left over from when the 2006 changes to the CCA removed the criminal sanctions of being late responding to a request.

Enforcement = getting a judgment in court - they can still report to the CRA's, and bring court action ( which you then would defend if there's still no agreement ) If you fancy having a read of the Court Claim forum you'll see how things work xx

( ps. any chance of those Abbey docs ? - I wouldn't keep bugging you if it wasn't important )

[Wingco]

Re: Compass debt company

Hi Taff

The same has happened to me. The address for the administrators is info@aabrs.co.uk. AABRS are the administrators. They will send you a claim form to lodge your interest in any funds held in your name. There is a meeting of clients on 21st March which once you have declared your interest you will be sent full details of. I'm going largely out of interest as I don't expect to get any money back although I will lodge my interest on the AABRS form.

I have contacted my creditors by letter. Don't talk to any of them on the phone - get everything in writing and largely use signed for post. Becasue you are no longer paying Compass' fees, you should have no problem paying each debt with the same amount and you will be better off. Alternatively, you can offer them slightly more -why would they refuse?

Doing it yourself based on the amounts Compass paid out is simple. Aidie (anther Compass client posting on here) and I both contacted Stepchange and we weren't very impressed; they are far less flexible and helpful as Compass. But they are free and many others like them.

All you have to do is write advising the creditors that you are an ex-client of Compass, then you can:
1. continue payments and give a figure at or slightly above the Compass payments.
2. Send a CCA letter (details are on this forum) which enables you to get full details of your credit agreements and balances. If they can't provide this information within 12+2 days the loan becomes unenforceable - which really only means they can't enforce full repayment in Law; you still owe the money. Apparently some creditors give up when they receive a CCA letter. I've not had any replies so far but there are still l6-8 days to run. When you send the CCA letter you need to include a £1 postal order with the words "For statutory fee use only". Send it recorded/signed for post.
Just Google the companies who hold your debts and you will find their addresses.

The secret is not to answer the phone or put it down having politely asked them to put everything in writing. You are not obliged to talk to them.

Keep a comprehensive file of your letters.

And DON't Worry. There is loads of excellent help on here and many people in the same boat.

If you have any questions, just ask on here.

Wingco

[Amethyst]

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 ?

[taff_dragoness]

Re: Compass debt company

To be honest i want the money owed to me and also your fee payed back as you broke the contract

[Amethyst]

Re: Compass debt company

Thanks OL xx Fingers crossed... they sound like they comply with client funds regs - at least in their terms - hopefully the money has actually been kept separate

[taff_dragoness]

Re: Compass debt company

Thanks for your advice

[Openlaw15]

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

"Compass Debt Counsellors - Terms of Business .......
......

• How we hold your money

.......Payments made by you which will be paid to your creditors are held in a client trust account together with money we hold for our other clients.

• We will only take our management fee when we make payments to your creditors.
• Any money held for you which is not due to creditors or to us under this agreement, may be paid to you or to your order through a UK bank account, in your name or (where you hold a joint account) in your name and the name of the other person.
• If there is any money which we hold for you and we are for any reason unable to pay it to you in line with these terms, we will write to you to ask for your instructions for payment. "

It looks like the bank account is protected from the administrators as they're held on an express trust. Therefore the Company was a trustee for your money prior to insolvency so now the liquidator/ administrator/ insolvency practitioner acquires the trustee title to the company's trust. The problem you have though is the trust is seemingly not separate accounts so unless there is a way of identifying mixed funds it could be a problem. However, it seems more than likely each credit in the bank account will have its own unique number to identify each person who held money in these accounts.

[Amethyst]

Re: Compass debt company

Thanks you xx

[Debt Camel]

Re: Compass debt company

[MENTION=6]Amethyst[/MENTION]

@Debt Camel; would you mind if I add your post to that article ? This bit?

of course

[Amethyst]

Re: Compass debt company

The details are all on that post I linked to @OpenLaw -> http://lbcompare.co.uk/compass-debt-...dministration/


The money in the 'savings pots' SHOULD have been held in a separate client account - if it was a solicitors firm it would have been - unfortunately as only regulated under an interim consumer credit licence they had no requirement to do so. It is likely the FCA will be cancelling their license.

The agreements are posted on another thread ( well the terms and conditions) http://legalbeagles.info/forums/show...hlight=compass

[Openlaw15]

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

Since the company has gone into voluntary liquidation and it has hold of your money, you are now a creditor. How much money is in that account? Contact the company and request the administrator's details. This is bit of a long shot but it may apply in your situation. The company may have a retention of title clauses in its contract with you to cover against company bankruptcy. A retention of title simply means that ownership of goods or money in bank accounts cannot be claimed by administrator in bankruptcy. If this is the case you may be able to get your money back. This is different to be being owed a debt where the company no longer has any liquid, ie finances but has other non money assets. Have a look at your contract thoroughly to see if there is a retention of title clause. If this fails, the administrator in bankruptcy is also a trustee for the creditors which includes you and he can trace the money in bank account if it has not been mixed with other funds. Nevertheless, you must put your claim in now before the company goes into administration formally.

[taff_dragoness]

Re: Compass debt company

Thank you