Compass debt company

[EXC]

Re: Compass debt company

''How did Amanda Solloway’s husband lose so much money?''

https://derbynews.org.uk/2016/05/16/...so-much-money/

[Hakster]

Re: Compass debt company

Thanks Wingo, as mentioned it's a don't hold our breath situation. Like many and already mentioned, not exactly skipping through the fields at the moment but let's just wait and see.

[Wingco]

Re: Compass debt company - Timescales

Hello, it's been a good couple of weeks since looking at what's been happening. I've managed to approach my creditors directly and set up repayment plans myself. Is there any news on if how and when we may get our money back-or is this a crystal ball, how long is a bit of string question?

Hi Hakster
The guidance from the liquidation meeting and the liquidator was that he would report to the committee (5 of us) at around 6 months. The liquidation process is very complex and we have to let AABRS take things in their stride. In a way, no news is good news but don't hold your breath!! A similar DMC case, Bournes is still unresolved 3 years later.
The list of creditors is vast and there was only around £22,000 in the clients' accounts which worked out as an average of £11 for each Compass clients but there are other creditors ahead of us in the queue for payouts. But there are other sources of money that the liquidator may be able to 'access' in due course.
As soon as I hear anything, I will post on here but it will be September at the earliest, I imagine.
Wingco

[Hakster]

Re: Compass debt company

Hello, it's been a good couple of weeks since looking at what's been happening. I've managed to approach my creditors directly and set up repayment plans myself. Is there any news on if how and when we may get our money back-or is this a crystal ball, how long is a bit of string question?

[danspence000]

Re: Compass debt company

Thank you, very useful stuff on this site, we wish we had found it sooner. Letters are starting to come back from creditors now and I am hopeful it should not be too bumpy a ride.

Thanks to everyone on here for your support.

I found the site really useful too and am now kicking myself for getting drawn in by compass. Every creditor thus far has been sympathetic, helpful and understanding. Far from the monsters, from which I needed to be protected at all costs, portrayed by compass. Thank you all so much for your support and guidance.

[mox113]

Re: Compass debt company

Thank you, very useful stuff on this site, we wish we had found it sooner. Letters are starting to come back from creditors now and I am hopeful it should not be too bumpy a ride.

Thanks to everyone on here for your support.

Regardless of what Compass may have said, multiple debts with a particular DCA will have their own individual status so should be treated separately.

On full & final settlements @Debt Camel is the best person to ask. There's a guide here http://debtcamel.co.uk/debt-options/...on/full-final/

[Wingco]

Re: Compass debt company

I have sent a cancellation letter to Abbey & cancelled the standing order. I've requested copies of any letters they may have sent & a refund of the payments I've made. I have spoken 2 Mint credit card & Allied international (who have taken over the RBS debt) over the phone. They were both aware of the situation with Compass. They are both sending out a an income & expenditure form for me to complete in order to set up a payment plan. Will keep you all updated!!

Hi Cat
When you get the form, sit on it for a few days as you undoubtedly forget things; one element that wasn't covered on the Stepchange I&E was Christmas, Anniversaries and Birthdays. If you average these over the 12 moths it is quite a significant amount. I also kept a record of 2-weeks outgoings and things like toll charges *Dartford Crossing', parking fees, Broadband costs and other website and Internet fees (more appropriate for the self-employed). You are entitled to put in an element for an annual holiday which is likely to exceed £100 per month. If you own your own home, maintenance and appliance repairs/guarantees/servicing are a necessary expenditure. If you rent, don't forget admin fees, agent's fees, maintenance, etc. If you own a car, don't forget MOT, Servicing, Insurance and repair costs. I also allow a monthly saving to pay for replacing my car(s) It should also include an element for regular maintenance such as tyres, exhausts, wipers, etc. If you forget things, it is often too late to add them later. It is surprising when you keep good monthly expenditure accounts how much you spend on miscellaneous items. you can include magazines and newspapers within reason, perhaps £30 per month. Mobile phones and broadband charges are on most people's list of monthly outgoings as are the odd insurance for certain appliances. Don't forget hairdressing, dentistry and prescription charges. Most of these items are missing from the standard I&E forms.
Better to overestimate than leave yourself short each month. They will let you know if they disagree with anything.
Wingco

[Cat80]

Re: Compass debt company

I have sent a cancellation letter to Abbey & cancelled the standing order. I've requested copies of any letters they may have sent & a refund of the payments I've made. I have spoken 2 Mint credit card & Allied international (who have taken over the RBS debt) over the phone. They were both aware of the situation with Compass. They are both sending out a an income & expenditure form for me to complete in order to set up a payment plan. Will keep you all updated!!

[Wingco]

Re: Compass debt company

Hi, I was just wondering if there has been any news/update from the liquidator since the meeting please?

Hi Sal
Whilst sorting out some related paperwork this afternoon, I found a letter from AABRS saying that they will report to the Committee every 6 months and therefore the first report is unlikely before September. I hope that helps.
Wingco

[Cat80]

Re: Compass debt company

Thank you for all your advice!

[EXC]

Re: Compass debt company

I wanted to ask a couple of questions about F and Fs, in case anyone knows. If I have a bunch with one DCA can I pay them off early individually or will the DCA insist on all at once? (I am still clouded by the poor advise I got from Compass)

Once agency send out "call our office for a settlement discount" letter but I am ignoring that as its clearly just to get someone on the phone. However, is there a particular procedure for asking for a settlement figure?

When settling is it best to call and pay over the phone / postal order or what ? (particularly important if I have more than debt at a creditor)

Sorry again for stupid questions

Regardless of what Compass may have said, multiple debts with a particular DCA will have their own individual status so should be treated separately.

On full & final settlements [MENTION=48934]Debt Camel[/MENTION] is the best person to ask. There's a guide here http://debtcamel.co.uk/debt-options/...on/full-final/

[Wingco]

Re: Compass debt company

Hi, I was just wondering if there has been any news/update from the liquidator since the meeting please?

It will take weeks. They have sent out an initial letter to all of the clients whom they have addresses for. But it is a huge and costly administrative function. The Bournes DMC liquidation is still ongoing some 3 years later. I'm not expecting to hear much within 3-4 months but rest assured, as soon as the committee hears anything, I will post an update on here. Just sit tight.
Wingco

[Wingco]

Re: Compass debt company

Did you just send them a letter explaining what has happened with Compass? How do u pay the creditors, is it by standing order?

Cat80
It's far better to do everything by SO as you are in control. A DDM can be more difficult to cancel but it is getting easier. You may find obtaining the correct payment details difficult with some DCAs but in those cases send them a registered letter with a cheque or postal order.
There is no need to explain what has happened to Compass, they know fully what has happened and will be delighted you have written to them.
Just start your letter with "I am ex-Compass client and since they have gone into liquidation, I am starting my own DMP. Accordingly, I have enclosed a cheque to the value of £10 (previously you accepted £3.47p from Compass). Please provide your bank account details and a suitable reference for my future payments.
or
Accordingly, I have set up a standing order using my Compass reference number.
End your letter by asking for a statement of your account with the latest balance.
Wingco

- - - Updated - - -

I've paid Abbey, for 2 months now & they've sent out letters. Just about 2 cancel, so called Stepchange yesterday. They suggested that I pay much more towards my debts than what I was paying 2 Compass which is going 2 b a struggle  I've got 2 creditors, Mint credit card & RBS loan, how do I go about doing my own Debt management plan? Any advice would be greatly appreciated

Cat80
I would ask Abbey for copies of the letters they claim to have sent out. If you get sight of them, please let us know and if able, post them on here but remove your details first!

[sal77]

Re: Compass debt company

Hi, I was just wondering if there has been any news/update from the liquidator since the meeting please?

[Gazc]

Re: Compass debt company

Did you just send them a letter explaining what has happend with Compass? How do u pay the creditors, is it by standing order?

With Mint, I initially sent them a letter, they then sent me an income and expenditure form to fill in and send back, then they rang me yesterday, they are really understanding if you explain what has happened with Compass, they even gave me a free phone no to call them on, (let me know if you want it). they just want to make sure you can meet the repayments, what I did was ask them to accept the same payment as compass was paying them, and then increase if you need to, we agreed on an extra £10 a month, they do prefer you to pay by standing order, also check that all interest and charges have been frozen.
You could just ring them, I normally write to them as a takes a bit longer (delaying tactics)!
Sorry don't know anything about RBS.