Compass debt company

[Cat80]

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?

[Wingco]

Re: Compass debt company

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 managment plan? Any advice would b greatly appreciated

I had the same problem with Stepchange - they wanted nearly 3 times the £300 Compass wanted. If I were you I would simply pay each creditor slightly more than Compass - how can they refuse? I rounded all payments of less than £5 up to £10, those between £5 & £10 up to £15, and the higher ones I offered £20-£30; the total was £210 per month. a saving of £90 per month. None has refused my offers.

Then you need to send out Consumer Credit Act (CCA) letters to all your Debt Collection Agencies (DCA) and ask for balances - there are plenty of templates on here and I posted one version a few pages back. You have to enclose a blank £1 postal order with the words "For statutory fee use only" on both sides and clear of the payee line so that the DCA can enter the correct payee.

Advise all you creditors that you were a client of Compass (they will know what has happened), and state that you are now doing your own DMP, and enclose your first 'generous' payment.

You must now keep really good files of all your correspondence. I bought some coloured plastic envelope folders on Amazon and they help me separate the correspondence easily.

Than keep a monthly record of your balances and payments and enjoy the fun. But more importantly, keep us informed and you will be helping others.

If you need any further help, just ask.

Wingco

[mox113]

Re: Compass debt company

I hope nobody minds the updates and inevitable questions I ask.

Letters written to all and sent off registered post

Letter to Abbey being drafted to cancel and ask for the two months fees back as creditors have been in touch directly and clearly Abbey have done nothing for their money so far.

Thanks to WingCo for tip top support. 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

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A couple of our creditors have been in contact very recently so I presume that Abbey haven't done a thing yet.

[Cat80]

Re: Compass debt company

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 managment plan? Any advice would b greatly appreciated

[Gazc]

Re: Compass debt company

Well I have to give a big thumbs up to Mint Credit Card yesterday, this is one that had not defaulted which compass were paying and not had a payment since January, they have agreed monthly payments, frozen charges and interest, and agreed not to default it if monthly payment made by end of April.
All our debts are 10 Years plus and defaulted and now with DCA, this was a real relief as it would have been added to our credit file for 6 years.
We have a light at the end of the tunnel!
Onwards and upwards.

[Unlimited5]

Re: Compass debt company

Hi, I'm just about to cancel with Abby, but they have had two payments from us and started to sent letters to our creditors. I hope we can get out of this contract, I think we would rather contact the creditors our self, but not sure now what they will say seeing us Abby have started CCA letter, any advice .

you are within your rights to cancel at anytime, they will just send you a cancellation letter.

[Joseph Williams]

Re: Compass debt company

Hi, I'm just about to cancel with Abby, but they have had two payments from us and started to sent letters to our creditors. I hope we can get out of this contract, I think we would rather contact the creditors our self, but not sure now what they will say seeing us Abby have started CCA letter, any advice .

[Unlimited5]

Re: Compass debt company

It's done - there's nothing too much we can do now, so we might as well get on with our DMPs and laugh. Some people have lost so much money through Compass and other DMCs, but you have to get on with life. The LB Team have helped so many of us and without your help, we might (would) be lost and miserable. And we aren't going to get back huge sums, if any, so we might as well enjoy the ride!
Wingco xx

I agree, we need to take a positive view as some people are really struggling to cope and there is help available and people to talk to.. I would have been lost without the help I have received on here but I am now more optomistic and mentally better having shared the help.

[Wingco]

Re: Compass debt company

So nice to see you taking a light hearted view on all this, it must be hard I know but it's a lot better for your health and helps others in this poosition relax a little too xx

It's done - there's nothing too much we can do now, so we might as well get on with our DMPs and laugh. Some people have lost so much money through Compass and other DMCs, but you have to get on with life. The LB Team have helped so many of us and without your help, we might (would) be lost and miserable. And we aren't going to get back huge sums, if any, so we might as well enjoy the ride!
Wingco xx

[enaid]

Re: Compass debt company

So nice to see you taking a light hearted view on all this, it must be hard I know but it's a lot better for your health and helps others in this poosition relax a little too xx

[Wingco]

Re: Compass debt company

RANGE ROVERS come will v8 diesels which our American friends would call a 'small block' speaking of which did anyone notice the car the Directors3 turned up in to the meeting? A knacked M reg discovery. No doubt they were advised to go low-key....

That was the cleaner's Discovery. Apparently they were indeed advised to turn up low-key!!!
Wingco

[Gilltheblackcat]

Re: Compass debt company

. The directors promise only to drive small cars with diesel engines and low CO2 emissions.

RANGE ROVERS come will v8 diesels which our American friends would call a 'small block' speaking of which did anyone notice the car the Directors3 turned up in to the meeting? A knacked M reg discovery. No doubt they were advised to go low-key....

[Wingco]

Re: Compass debt company

It's simply because they can, none or little regulation, no vetting of people starting up a business, hence repeat rip off merchants.
If you have a google you will find it is far more difficult to breed a cow legally than to start a business where you can milk thousands and get away with it.

May I introduce Wee Willy's DMC.

Anyone with debts in excess of £1000 can contact Wee Willy and we will set up a DMP for you. We aim to have you debt free in 6 months but it may take longer. Your plan doesn't start until we receive your first monthly payment (Min £100). We will send you a basic monthly statement which will tell you precisely how much we are paying your creditors plus how much is being paid into your pot but precious little else. The pot is held in an escro account separate to the Wee Willy account which is based in Panama. The directors promise only to drive small cars with diesel engines and low CO2 emissions. We will only wear watches costing less than £200 and our homes (we call them crofts) will be worth less than £200,000. We promise only to take one annual holiday and it will always be within the UK staying in 3-star hotels or less.
We have given up breeding cows - too much regulation.

I'm sure we will make enough to pay for Haggis and Neeps once a week and a wee dram on Fridays (pay day). We take Nectar.

Wingco (Wee Willy)
ps. It's a lot better than we got from Compass.

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We could do a cooperative DMP company!!!

Now you are talking. Would our pay be like the Co-Op dividend?:doggieyes:

Wingco

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[Unlimited5]

Re: Compass debt company

It's not a bad idea. We have the experience. I'm sure we could do a better job than Solloway!!! And do it legally. It's strange how those who have a solid business idea often end up being a "bit dodgy"!!!!!!!!!!!!!!!!!!!

We could do a cooperative DMP company!!!

[enaid]

Re: Compass debt company

It's not a bad idea. We have the experience. I'm sure we could do a better job than Solloway!!! And do it legally. It's strange how those who have a solid business idea often end up being a "bit dodgy"!!!!!!!!!!!!!!!!!!!

It's simply because they can, none or little regulation, no vetting of people starting up a business, hence repeat rip off merchants.
If you have a google you will find it is far more difficult to breed a cow legally than to start a business where you can milk thousands and get away with it.