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Re: Refunds/accounts with outstanding debt
There appears to be mixed opinions on this, I have also been researching here and there and agree with Niddy where the third party should have no right to the refund, if the debt was fully sold on.
I have since been passed a copy of the letter from my mate as said above, and this to me does confirm that Lloyds have cut ties, but I have read whilst researching that banks/OC can purchase the debt back, and use the refund, then sell the debt balance again to a DCA.
Anyway, here is the main part of the letter from Lloyds he received, enclosed at the same time as the one from Cabot.
(Lloyds letter).
Dated 14 September 2012.
Dear Mr
We are writing to notify you that Lloyds TSB has assigned all of its respective rights, title and interest in respect of the above referenced account (including the outstanding balance) to Cabot Financial (UK) Limited effective 03/08/2012.
The total balance was £XXXX.XX, as at the date of the sake 03/08/2012. Any payment made towards your account after that date will be forwarded to Cabot Financial (UK) Limited, and will be deducted from the balance shown.
Under the terms of this assignment, and as defined in the Data Protection Act 1998, Cabot Financial (U) Limited is now the Data Controller of your personal data contained in the records of this account.
Cabot Financial (Europe) Limited has been appointed by Cabot Financial (UK) Limited to manage your account in line with the arrangements agreed with BLS Collections. It is essential that all future payment and correspondence regarding this account now will be directed to Cabot Financial (Europe) Limited.
.................................................. ..................................
(Cabot letter)
Dear Mr
Welcome to Cabot.
The Cabot Credit Management Group has recently bought the account you held with Lloyds TSB and we're now responsible for answering your queries and receiving payments.
According to your records you currently owe £XXXX.XX. If you wish to repay this amount in full now, please contact how to make your payment,
Your agreed monthly repayment plan with Lloyds TSB now needs to be maintained with Cabot. Please ensure that with immediate effect all future payments are made directly to us.
We regularly review the arrangements on our records, including the monthly payment amount.
.................................................. ...........................................
There appears to be mixed opinions on this, I have also been researching here and there and agree with Niddy where the third party should have no right to the refund, if the debt was fully sold on.
I have since been passed a copy of the letter from my mate as said above, and this to me does confirm that Lloyds have cut ties, but I have read whilst researching that banks/OC can purchase the debt back, and use the refund, then sell the debt balance again to a DCA.
Anyway, here is the main part of the letter from Lloyds he received, enclosed at the same time as the one from Cabot.
(Lloyds letter).
Dated 14 September 2012.
Dear Mr
We are writing to notify you that Lloyds TSB has assigned all of its respective rights, title and interest in respect of the above referenced account (including the outstanding balance) to Cabot Financial (UK) Limited effective 03/08/2012.
The total balance was £XXXX.XX, as at the date of the sake 03/08/2012. Any payment made towards your account after that date will be forwarded to Cabot Financial (UK) Limited, and will be deducted from the balance shown.
Under the terms of this assignment, and as defined in the Data Protection Act 1998, Cabot Financial (U) Limited is now the Data Controller of your personal data contained in the records of this account.
Cabot Financial (Europe) Limited has been appointed by Cabot Financial (UK) Limited to manage your account in line with the arrangements agreed with BLS Collections. It is essential that all future payment and correspondence regarding this account now will be directed to Cabot Financial (Europe) Limited.
.................................................. ..................................
(Cabot letter)
Dear Mr
Welcome to Cabot.
The Cabot Credit Management Group has recently bought the account you held with Lloyds TSB and we're now responsible for answering your queries and receiving payments.
According to your records you currently owe £XXXX.XX. If you wish to repay this amount in full now, please contact how to make your payment,
Your agreed monthly repayment plan with Lloyds TSB now needs to be maintained with Cabot. Please ensure that with immediate effect all future payments are made directly to us.
We regularly review the arrangements on our records, including the monthly payment amount.
.................................................. ...........................................
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