Compass debt company

[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.

[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.

[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 )

[taff_dragoness]

Re: Compass debt company

Yep sure does Nibbler

[taff_dragoness]

Re: Compass debt company

Awwwww thank you Amethyst you are a star


Also just to check when i send it off recorded delivery it is to the London N2 8 EY

[Celestine]

Re: Compass debt company

Since April 2014 when the OFT was disbanded, DMC firms have held interim licences while the FCA think how they can manage this unruly sector, so for those firms have had two years in a virtually unsupervised 'playground'.
The new FCA rules coming in April are widely regarded as too tough for many of these firms to adhere to (funny that) so they are voluntarily flinging their interim licences back at the FCA, scooping up as much as they can carry and shutting up shop.

I just blogged about it, please share xx

http://lbcompare.co.uk/debt-manageme...ompass-misery/

[taff_dragoness]

Re: Compass debt company

Hi Meg you come to the right place lots of lovely people on here for support, i am a compass victim but i chose not to go with abbey have gone with stepchange they dont charge hope it works for you

[taff_dragoness]

Re: Compass debt company

Well thats it form for AABRS is in the post recorded and tracked so just a waiting game now. I cant say a big enough thanks to you all for your support and advice over these few day you are all starts thanks again xxxx

[meg123..]

Re: Compass debt company

Hi All
Thanks for all your help, i have rang stepchange today and just need to get all my information together and ring them back then fill out my form to send to creditors.

Will be ringing Abbey tomorrow to speak with them

Thank You All xx

[Rose21]

Re: Compass debt company

Hi firstly can I say you have all been so helpful I myself am a compass victim, I had been with compass for just under 10 years and never had a problem only to realise when speaking to all my creditors they hadn't been paid since early January. Not to mention when calling/emailing to ask for a recent statement I was told by one of them they weren't sure how to send it via e-mail. I don't think any of them will attend the meeting with the amount of funds they have I'm sure they'll have representatives acting on behalf of them. I have signed up with Abbey solicitors as instructed back in early February? Have I made the right choice?

[meg123..]

Re: Compass debt company

I too am signed up to Abbey, going to ring them tomorrow and see what they have to say. When i have spoken to them before they state that they are not part of compass. None of my crediters have been in touch with me by phone or letter, this is strange because when compass as missed payments before i was contacted within 2 weeks. Please let me know if you stay with Abbey, lots of advice on site says leave them.

[Rose21]

Re: Compass debt company

Hi meg123 yes I will let you know, I am grateful that everyone on this site has been so helpful.

[Amethyst]

Re: Compass debt company

Hi, Meg & Rose xxx

I understand how stressful this time is, and Abbey have contacted you with what feels like a bit of continuity and an answer to your problems... sadly, it really isn't an answer and I am seriously concerned that ex compass customers are being taken advantage of at a really difficult time. You've been with Compass for a number of years and things with your creditors have been stable? ( in so far as you haven't had to deal with things as it's just all gone over to Compass )

I have nothing against Abbey, I'd never heard of them before the other day when we heard about Compass going under.

Now obviously we don't know the details of your debts, who they are with, secured/unsecured/credit cards/loans etc etc.. how much or when they were taken out... but on here we have a huge court claim forum - http://legalbeagles.info/forums/foru...-a-Court-Claim - have a read of some cases in there. Hopefully it will give you confidence that you CAN deal with things if it comes to it.

The court claims in that forum are mostly ( like 95% ) from DCA's for consumer credit debts.

Usually where people have stopped paying a debt, for any number of reasons, it is sold on to a DCA firm. They send a number of letters and send it around a couple other DCA's, sometimes letters come constantly, sometimes they are quiet for a couple years even. Then if it looks like its coming up to about 6 years since the debt stopped being paid a DCA will chuck a court claim in to Northampton County Court. The DCA's tend not to have any info on the debt and their claim is exceedingly generic - they expect people to crap their pants at the sight of a court claim, and either get a default judgment or just get paid or an offer of installments. When people defend they tend to bugger off and discontinue as it ijust isn't worth the effort for them. They put on a good show and occassionally they do comply with the paperwork and CPR (court rules) - in which case offers and negotiation can take place - but there's usually multiple points of defence to use to engineer a good settlement figure/payment arrangement under a consent order which keeps you from having a CCJ.

You are quite capable of asking for credit agreement copies yourself. The creditor not supplying a credit agreement doesn't write off the debt. It simply means if you defend the court claim on the basis they haven't complied with a formal request for the agreement, they can't get a judgment, unless they find it.

There are still arguments surrounding PPI and default notices, assignment, prescribed terms and so on as well. People are using them all the time. And reclaiming PPI, and packaged bank account charges, and payday loans... that's kinda why these forums exist - to talk about stuff and share experiences and knowledge and help each other dealing with debts and creditors.

I would like a reasoned case as to why Abbey is a good idea. I haven't heard anything other than ' they'll write off my debts in 12 months' - that is simply not true - and why the price that Abbey charge should happen to be the same amount you were paying to Compass.

Gawd that sounds a bit lecturey, it's only meant with the very best of intentions - I know you're in limbo at the moment and it seems easy just to let Abbey keep your file and carry on with the payments for the next year - and who knows maybe one or two debts might get sorted - but after that year - you'll just be in the same, or a worse, position than you are now.

Rose - who 'instructed' you to sign up with Abbey - ? Compass ? - and do you think Compass had your best interests at heart ? Did they say WHY you should sign up with Abbey ? - anything specific at all ?

[Celestine]

Re: Compass debt company

I too am signed up to Abbey, going to ring them tomorrow and see what they have to say. When i have spoken to them before they state that they are not part of compass. None of my crediters have been in touch with me by phone or letter, this is strange because when compass as missed payments before i was contacted within 2 weeks. Please let me know if you stay with Abbey, lots of advice on site says leave them.

We cant see any benefit to joining Abbey at all frankly. You entered a DMP to pay off your debts steadily and maybe do a full and final settlement at some point. What Abbey are proposing is to try to 'wipe' your debts using Consumer Credit Act 1974 enforceability arguments. They have no expertise in this area and there is no guaranteed outcome. More importantly, IF you really want to find out if the debts are enforceable or not, send each of your creditors a CCA request. http://www.legalbeagles.info/forums/...y-of-Agreement
This will cost £1 plus recorded postage. That is a lot cheaper than what Abbey Solicitors and basically everything in that link is what at best, Abbey plan to do. (They may have even got the templates here! )

If Abbey are expecting you to give them all your surplus income, how can you keep paying your creditors?? This could bring about rapid court action which is pretty challenging.

So, please don't give this company any of your money, you've already lost enough to Compass potentially. I doubt upon receipt of any CCA documents, their trainee lawyer would have any clue how to analyse enforceability. You can scan or email us copies and we'll be able to tell you pretty quickly if there are any issues....for free!

[Amethyst]

Re: Compass debt company

Abbey will be billing for the £1 credit agreement requests on top of their fees... as disbursements.... lol.