Cabot Debt

[Clive23]

Cabot: Payments and history:
Had a Loan from Marks & Spencer of £14,000 This had PPI which I used during my unemployment to pay the monthly instalments.
At some period, we had a letter from M&S in March 2013 that they had sold it to Cabot for £12,987.16
When in fact I got a letter from Experto Credit 10/10/13 advised of the debt of £12,987.16
Another letter from Intrum Justitia (who I think went bust)
So now Cabot have the arrangements. @ £12,987.16

In my naivety I believed that this was the debt moved on but later I was informed Cabot buys debt up at a discounted value of 11p in the £. (I have evidence that is true for 2013) Thus, making it that Cabot bought this loan from M&S for £1,420.00 but telling me I owed £12,987.16
Last letter from Cabot was 7/7/20 offering for me to pay £5,941.02 to settle the current outstanding loan value of £8,487.1

Cabot bought the then debt of £12,987.00 @ 11p in the pound = £say £1420.00
I have made regular payments of £40, £50, £60 and now £65 per month. Since 2013.

Therefore in my mind I have paid off approx. £5,000.00 from 2013 to March 2021.
Cabot bought debt for £1420.00.00 Payments made to date £5,000.00 = Current profit to Cabot = £3,580.00
On Cabots figures I still owe them £7,000.00 based on the figure of M&S

I have asked from Cabot details on SAR and CCV of which I have got the SAR details but they are in default of the time limit for CCV.

It is my wish to get rid of this company in a manner that is legal but for future safety that they will not return in another direction as it appears, they are not a fully trust worthy company to deal with.

I have had a lot of support from a similar company called *********** in particular with M****** who has suggested I make contact with Plan B (Di)

I am 77 years of age on pension and if you do the calculations for just 3 years (not being morbid but truthful) the debt would not be fully paid up but Cabot are still in profit. A very nasty company like vultures picking of the bones of people.

[The Tech Clerk]

Diana Mayhew

[The Tech Clerk]

you default of producing CCA? do not remind them

[PlanB]

who has suggested I make contact with Plan B (Di)

I am 77 years of age on pension

Here I am

I'll take a good look at everything before making my suggestions - I tend to ask a lot of questions first.

I see you refer to "we" at the beginning of your post, so was this a joint loan with M & S or in your sole name only?

And was it a personal loan or could it have been a Personal Reserve cheque book account which had a specific limit?

The year you opened the account will be relevant too.

(incidentally I am from a similar vintage as you having celebrated my 70th birthday not so long ago!)

I look forward to helping you.

Di

[Timewilltell]

If they haven’t complied with the CCA request, presume that’s what you mean by CCV?, then it is legally unenforceable so you can stop payments with immediate effect. However if you have been paying them then the Statute Barred date will run from last payment. This means it will not drop off your credit file for 6yrs from last payment date.

if you do decide to stop paying then you should stop all contact with them. They will harass you by phone for a short period and you’ll get a trees worth of paper letters but the reality is they can do nothing with any meaning whilst they are in breach of the CCA request. This doesn’t mean they won’t try to scare you into paying.

you will though have the support of the expert knowledge from the forum to guide you on your journey.

[Warwick65]

Hi Clive and welcome to AAD.
PlanB

I agree that you should not have to worry about debt in your retirement

Out of interest and this may be important- when did you take out the loan and when did the term expire?

If you want to keep on paying then you could be creative with your income and expenditure - remember it is your debt so the income of anyone else in the household is immaterial. When I was in a DMP I got a pay rise and a company car in one promotion but a lot more miles during to my place of work. I told my creditors my new pay but said I was paying a lot more in petrol so couldn't pay them anymore

What I am suggesting is working out that you can only afford a much lower amount

Alternatively , as they are in default of your CCA request you could stop paying . Have they actually written to you and said it is unenforeceable because they can not supply the agreement.

At this point I would wait to see what Di says , I have tagged her. I think she might have a few questions , especially about experto credito

Intrum Justicia were a debt collector, I thought I had letters from them in my file but can't find them at the moment- if I do I will come back to you

I see Di beat me to it and replied before I hit submit.

[Warwick65]

If they haven’t complied with the CCA request, presume that’s what you mean by CCV?, then it is legally unenforceable so you can stop payments with immediate effect. However if you have been paying them then the Statute Barred date will run from last payment. This means it will not drop off your credit file for 6yrs from last payment date.

if you do decide to stop paying then you should stop all contact with them. They will harass you by phone for a short period and you’ll get a trees worth of paper letters but the reality is they can do nothing with any meaning whilst they are in breach of the CCA request. This doesn’t mean they won’t try to scare you into paying.

you will though have the support of the expert knowledge from the forum to guide you on your journey.

If the account was defaulted prior to sale which I suspect it was, it should be off the credit file never to return although yes SB is not for 6 years from date of last payment (in this case).

[Timewilltell]

If the account was defaulted prior to sale which I suspect it was, it should be off the credit file never to return although yes SB is not for 6 years from date of last payment (in this case).

Yes fair point.

[Gerry Jemitus]

From a legal point of view, sadly, the price they pay for the debt is not really relevant. It’s like arguing with Tesco that they only paid £1.00 for a packet of cornflakes that they are selling for £2.25.

These debt companies all buy debts for pennies in the pound, but that does not stop them chasing for the full face value of the original debt, or as close to that as they can achieve. Cases that make it to court do so at the face value, not the purchase price, it is not a valid legal argument, except perhaps if you are looking to agree a discounted settlement.

You have already made a Subject Access Request (SAR) and I presume a CCA request. This will determine what paperwork they have.

Niddy will be able to advise if the documentation is enforceable or not, but worst-case scenario, if the paperwork is in order, any legal action can be defended should they decide to go that route at any stage.

[PlanB]

It is my wish to get rid of this company in a manner that is legal . . .

who has suggested I make contact with Plan B (Di)

I've received a Visitors Message from you - I'll reply when I work out how to do that

Di

[Clive23]

Di,

I hope I can send this copy letter to you from Cabot, but after this letter I wrote to them reminding that they had not sent details of the CCA.

[The Tech Clerk]

never remind them!!!!!!!!!!!!!

[Timewilltell]

I’d suggest you remove the picture as it has your account number on show, not a good idea.

seeing as they admit they can’t enforce it then don’t worry about them and carry on with your life. At the moment they have bigger problems than you with regard this account.

[Warwick65]

I know you now know not to remind them and make sure you keep hold of that letter. Unless they can produce the agreement they are stuffed. If they do send you something they need to send the right things and we can help out here.

If I understand correctly you want rid with minimum disruption- I am sure Di will get back to you if she hasn’t already but she has a life beyond this forum as I’m sure you will appreciate, just like we all do.

Don’t be bullied by anyone into doing something you are not comfortable with although if you’re like me, sometimes you might need a bit of handholding as you leap off the cliff?

Remember it is not your fault you have debt, I think that is what we all found our way here. My personal mantra is do what is best for you. It is easy for me to say for example ‘tell them to eff off ‘ but I don’t have to deal with the aftermath.

Incidentally I did once tell a DCA to eff off and make me bankrupt if they had the guts ( that’s the polite version) luckily for me the debt is now statute barred - I would have hated that letter to find a way in front of a judge.

[nightwatch]

As the letter says, unenforceable till they send a compliant CCA, this means that, the debt still exist BUT....

you do not have to pay them, They can ask you to, but until they send you the correct document's they cannot enforce through the court. Although some DCA's seem to forget this small detail and hope you don't know about it.

You do not have to explain to them why you are stopping payment.
Do not talk to them over the phone, do not reply to email's,
Silence is golden, as the song says,