Compass debt company

[Amethyst]

Re: Compass debt company

Hi Taff, I've just had an email from the liquidators of Compass which I'll add to the post along with the form for creditors, you need to have a read of that and follow the instructions to make sure your claim is in.

http://lbcompare.co.uk/compass-debt-...dministration/

Did you have money paid into a 'savings pot' with Compass as well as the DMP payments going to your creditors ?



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

1) do it yourself. This is probably easier than you think! There is some free software here https://nedcab.cabmoney.org.uk/dmp.asp from Citizens Advice that will calculate how much to offer each creditor and generate all the letters to creditors for you. This includes versions of the letters for when you are telling the creditor that you previously had a DMP with someone else.

2) go to a free DMP firm StepChange (http://www.stepchange.org/Howwecanhe...ementplan.aspx) runs DMPs that are free-to-client so all your money goes to your creditors each month. There are no downsides to using a "free" firm - they are exactly the same as a "fee paying" one, see http://debtcamel.co.uk/choosing-a-de...ement-company/ for more details

3) choose another commercial DMP company I can't think why you would want to do this, but it is an option!

[Debt Camel]

Re: Compass debt company

Hi, sorry you are having to go through this hassle. And Nibbler says, you are unlikely to get the money in your account back.

You may be worried that you are suddenly going to get hassled by creditors again - I think this is very unlikely if you start setting up another DMP over the next few weeks. Compass isn't the only DMP firm in trouble - another DMP firm PDHL was closed down by the regulator yesterday - and more are likely to follow over the next few months. Creditors will just be very happy when you get yourself settled with another DMP.

You have three options for how to set up a new DMP:

1) do it yourself. This is probably easier than you think! There is some free software here https://nedcab.cabmoney.org.uk/dmp.asp from Citizens Advice that will calculate how much to offer each creditor and generate all the letters to creditors for you. This includes versions of the letters for when you are telling the creditor that you previously had a DMP with someone else.

2) go to a free DMP firm StepChange (http://www.stepchange.org/Howwecanhe...ementplan.aspx) runs DMPs that are free-to-client so all your money goes to your creditors each month. There are no downsides to using a "free" firm - they are exactly the same as a "fee paying" one, see http://debtcamel.co.uk/choosing-a-de...ement-company/ for more details

3) choose another commercial DMP company I can't think why you would want to do this, but it is an option!

One of the big advantages of talking to StepChange now is that you can have a review about whether a DMP is the best debt solution for you. It may well be, but think of this as having a health check up if you change GPS - re-assuring to have it done Compass were a one trick pony so they wouldn't have given you advice about whether you have any possible alternatives - StepChange can talk about all the debt solutions.

[Nibbler]

Re: Compass debt company

Welcome.

1st please read this link ---> http://lbcompare.co.uk/compass-debt-...dministration/

and

--> what to do if your debt management company closes.

Can't pretend the news is likely to be great for the funds you are owed, but there is a way through this.