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  • Welcome Back to Cabot (or not)

    Has anybody received similar correspondence from darling Debbie?
    Could it be something to do with the recent fantastic court cases thrashing Virgin/MBNA? Not heard about it for ages, and it has been resurrected.

    It would seem that the debt for the now SB late-2007 card is owned by MEIII, i.e. not Cabot has been brought back into play. Although a few years past its SB sell by date, she would like to help me pay the balance for this by providing options.

    Fat chance - I hope.

  • #2
    On the subject of Cabot - I am confused regarding Cabot Financial (UK) Ltd.

    There have been post elsewhere suggesting that there is an issue with them not being Authorised by the FCA, thus restricting what they are able to do. Here is a link to the Cabot website - http://www.cabotcm.com/important-inf...n-with-the-fca

    They say -" How is our Group authorised with the Financial Conduct Authority


    Cabot Credit Management Group Limited (CCM), a company registered in England and Wales with Company no. 4934534, is authorised and regulated by the Financial Conduct Authority (FCA) with firm reference number 677910. As a result it has all the relevant regulatory and statutory permissions in order for its purchasing companies to acquire debt and to appoint representatives, operational companies to recover and/or administer debts on their behalf.

    "Purchasing companies are exempt from being authorised by the FCA as they only own the debt, engaging CCM Group to recover and/or administer the debts on their behalf.

    The UK purchasing companies in the CCM Group are Cabot Financial (UK) Limited, Marlin Capital Europe Limited, MCE Portfolio Limited, MFS Portfolio Limited, Marlin Europe I Limited, Marlin Europe II Limited, ME III Limited, ME IV Limited, Marlin Europe V Limited, Marlin Europe VI Limited, Cabot Financial Portfolios Limited.

    Operational companies are permitted to carry out debt recovery and/or administration activities as a result of the CCM Group being authorised to appoint them as representatives by the FCA.

    The operational company, which is an appointed representative of the CCM Group, is Cabot Financial (Europe) Limited."


    (There is more information on that link).


    So if an account is assigned (sold) by an OC to Cabot Financial (UK) Limited, but letters are coming ostensibly from Cabot Financial (Europe) ltd, can this latter company initiate legal action by virtue of being appointed representatives of CCM Group? It would appear that Cabot Financial (UK) Limited can't as they are not Authorised.

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    • #3
      Talk about legal knots. Cabot acting on behalf of Cabot and appointed by Cabot....

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      • #4
        She has just written to say I could have a one time discount offer, if I contact. Seems to good to be true, especially as she has offered to mark my credit report with Partially Satisfied, if I pay a specially negotiated settlement. On the upside I will have peace of mind that the debt has been settled.

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        • #5
          Mmmm difficult decision that one

          Or not
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          • #6
            Just seen that Cabot is going to float with a Mr Crook at its helm. I hope it sinks, but I do believe I am already a part-owner, along with many others here.
            From Sky News on MSN
            "Have you ever wanted to own shares in a debt collection agency?

            Well, soon you will have the opportunity to do so, as Cabot Credit Management, the UK's largest, has announced it plans to float on the stock market"

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            • #7
              Originally posted by julian View Post
              Just seen that Cabot is going to float with a Mr Crook at its helm. I hope it sinks, but I do believe I am already a part-owner, along with many others here.
              From Sky News on MSN
              "Have you ever wanted to own shares in a debt collection agency?

              Well, soon you will have the opportunity to do so, as Cabot Credit Management, the UK's largest, has announced it plans to float on the stock market"
              As I read it a Mr Haste is due to be the Chairman - Crook is said to have stepped down as a Cabot director.

              Interesting - Cabot "says it has invested close to 2bn in buying portfolios with a face value of more than 20bn" - ie at less than 10p in the .

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              • #8
                They don't want to play anymore and have thrown my alleged debt to some debt collectors. These newbies must be really hard. I wonder if they are playing catch or scratch.

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                • #9
                  Can Cabot take me or anyone else to court or not??!!

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                  • #10
                    Originally posted by hra47 View Post
                    Can Cabot take me or anyone else to court or not??!!

                    Perhaps the question is not whether Cabot can take you to court but whether they would win if they did

                    Is the background of your Cabot debt posted on this forum somewhere so I can look at the situation for you?

                    Di
                    Last edited by Diana Mayhew; 10th July 2019, 08:53. Reason: typo
                    Legal Disclaimer

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                    Joanna Connolly Solicitors a firm which specialises in consumer credit. If you need to contact me you can send a message by clicking on my username or by emailing me at di@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.

                    Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

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                    • #11
                      Good answer! I have posted the odd thing here,and we did speak once a while ago,and this has been vaguely trudging on,but suddenly I am on receiving end of a number of calls (not answered,obvs) so not sure what the game is. But thank you anyway for response.

                      Comment


                      • #12
                        Is it Cabot or their kennel mates Mortimer Clarke - lovely people, even if they say so themselves.

                        They gave a cheap telephone deal that allows them to call any tephone you have ever used for utilities, car hire, insurance, credit cards, etc., at least once a week and sometime twice a day. Good if you can block.

                        Comment


                        • #13
                          Send a letter advising them you no longer have access to a phone, and that as relatives answer the old numbers, should they repeatedly harass then you'll be seeking legal advice for damages. Tell them (do not ask) to remove all numbers and to deal in writing only. That gives you ammunition; just in case you ever need it (ie if they call you daily then it's harassment - so keep evidence if they do after you've sent the letter).

                          Just play them at their own game. Mortimer Clarke - haha, makes me laugh. they think they are big-boys in the industry but are pretty clueless and lose that many cases that they hide behind the name of their legal team. I had a great fight with them.
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