RMR Financial Services Ltd,/ Compass Debt Counsellors DMP gone bust

[fluffy255]

I have just found out my debt management firm is no longer trading saw this:

 

RMR Financial Services Ltd, formerly trading as Compass Debt Counsellors, has stopped trading and no longer offers debt management services.

 

The firm’s interim permission from the FCA, which firms must have if they wish to offer debt management services, lapsed on 8 March 2016. AARBS Ltd (insolvency practitioners) is holding a meeting of the firm’s creditors on 30 March 2016. RMR’s bank accounts have been frozen. This means that the firm will not be requesting direct debits from clients’ accounts and standing order payments will be rejected and returned to customers’ bank accounts.

 

This is an evolving situation and during the transitional period we would expect creditors that are authorised by us to show forbearance.

 

The company was holding around £500 of my money will i be able to claim it back what should i do first im clueless and extremely worried

[dx100uk]

stop paying the ruddy fleecers

you should never ever use a fee paying DMC.

 

I doubt you'll ever see your money again.

 

'someone' will pick up the portfolio

just don't get sucked in again to being doubly done over

once by each SCA you are blindly paying

and by a fee paying DMC

 

list your debts please

who the original creditor was

what type of credit

what you took it out

who you were paying through the DMP.

 

ever sent any of them a CCA request

to check they legally hold the require paperwork to even demand money from you?

[fluffy255]

The payments were being made to :

 

Provident Central Collections

 

Direct Legal&collections

 

Ruthbridge Limited

 

Unfortunatly due to time circumstances and a house move which lost a good percentage of my possessions i cant say who ruthbridge Limited or Direct Legal were collecting on behalf of and im not sure if i have any of the few financal statements i did get ( after requesting them) in my possession

[dx100uk]

I suggest you are being cash cowed on all 3

 

 

cca request to each one.

 

 

you could write to the administrators of the CMC and put in a claim for the F&F pot they always secretly hold that you've found

[fluffy255]

sorry please explaim what is an f&f pot???

[dx100uk]

The company was holding around £500 of my money will i be able to claim it back what should i do first im clueless and extremely worried

 

 

I e a full and final offer pot

[fluffy255]

thanks ill see what i can do about it all after work tomorrow glad you could point me in ANY direction to stop me spinning.

[cjcregg]

There's a creditors meeting on 30 March.

 

http://forums.moneysavingexpert.com/showthread.php?t=5424617

 

It appears that Compass stopped paying creditors in December/January despite accepting payments from debtors. Their T&Cs state that the F&F 'pots' are held in 'trust' but the administrator is yet to confirm it.

 

Some creditors are being approached by Abbey Solicitors suggesting that creditors should continue paying them to have their agreements reviewed for unenforceability.

 

One of the 3 RMR directors is the husband of Conservative MP Amanda Solloway.

 

http://www.dailymail.co.uk/news/article-3488620/Hundreds-lives-left-ruins-debt-management-firm-run-Tory-MP-s-husband-goes-bust-500-households-facing-loss-large-sums-money.html

 

http://www.dailymail.co.uk/news/article-3490799/Resign-victims-tell-MP-debt-firm-scandal-Families-tell-anger-Tory-sits-business-committee-said-closure-sad-time-involved.html

[citizenB]

BBC Look North have just interviewed someone who was pretty much near to the point where his debts were supposed to be finished only to find he is still £thousands of pounds in debt.

 

Quote

Hundreds of lives left in ruins as debt management firm run by Tory MP's husband goes bust: At least 500 households facing the loss of large sums of money

 

Derby North MP Amanda Solloway's husband Rob ran controversial firm

Venture offered to eradicate household debts helping to deal with creditors

It also promised to reduce the amount of money that each client owed

Compass Debt Counsellors went into voluntary liquidation this year

Some clients have paid out thousands while not clearing any of their debts

 

 

Read more: http://www.dailymail.co.uk/news/article-3488620/Hundreds-lives-left-ruins-debt-management-firm-run-Tory-MP-s-husband-goes-bust-500-households-facing-loss-large-sums-money.html#ixzz43evuJmNF

 

 

 

I think it is now time to force DCAs and creditors to accept payment plans that debtors can afford so they are not put in a position where they need to use this type of company.

 

One of the main reasons that people use DMPs is that the pressure is off them with regards letters and telephone calls.

 

It is looking like some of these companies are like ponzi schemes. Then sadly when there are a lot of people coming up to the time where their creditors should be paid from the "pot" there is no longer any money left in it.

[fluffy255]

Hi sorry its taken so long to update but i'm finally sorted.

Taking the advice i was given here i have contacted every one who was owed money.

Not all of them were even aware there was a problem with compass.

They all put my accounts on hold for between 30 and 90 days to allow me to work out what was happening and have all accepted direct payments offers from me since.

Without the encouragement i got here i would never have done it and would likely be getting screwed over by a new firm as we speakk

 

THANKYOU ALL

Fluffy.

[dx100uk]

Hope you sent a CCA request to each one first?

[havinastella]

As DX has mentioned, MAKE sure you still owe these debts and the correct amounts.

 

Send A CCA to each creditor (see library)