Advice needed please on Marks and Spencer Loan

[Beachbaby]

I am so sorry about this, the forum looks totally different to how it did when I last accessed it, almost as if it has collapsed and all you can see are the bare bones :/

My question please.
I have had a unsecured loan with Marks and Spencer for bloody years, which has £1205 remaining. I hit bad times financially a few years back and had to review my payments which they were in agreement with. Initially it was £1 a month, then upped to £10, and they wrote to me recently saying that if I didn't respond, that they would refer it to a debt agency. I wrote to them, offering £15 per month. I heard nothing back and they normally reply quite quickly, so I resent my letter, getting proof of postage this time, and again heard nothing for ages. Yesterday I received a letter from them saying they'd passed the account to Cabot Financial, who have confirmed they are happy to keep the repayment plan I agreed with Marks and Spencer. That I need to cancel my standing order to M&S and set one up to Cabot instead. I am okay with this, although I'd rather it'd stayed with M&S to be honest.

I propose to keep paying the £15 per month as I offered, but to see if I can put by enough that at the end of the year, I could pay a chunk of it off. I don't want to put myself into the position of saying to them, I will pay you £X per month, then struggle to do that. I suppose my question is, are these bad guys, or okay to deal with? I have never heard of them before. Also, if I were able to save up enough money, is it likely I could approach them, offer them a sum and see if they would agree to a settlement, as I am guessing they've paid pennies on the pound for this debt, I am not sure of the percentages, at which they are likely to say yes, 50% of the amount for instance? I am just not sure how I go about approaching this, and I want to get it right. Thank you for your time, I appreciate it.

Edit: PS if I have put this in the wrong place, please could admin move it to where it should be. Thank you.

[Roger]

Well I would start with a CCA request to Cabot before offering anything,
When you get the CCA back send it to Niddy.

By all means put the money on one side , build up a pot.
There are templates here for settlement offers.
But I would first find out whether in fact this was Enforceable.

[Beachbaby]

How strange, the forum all looks perfectly okay now! Odd.

I wondered about this, I don't have a connection to Cabot other than the one that M&S generated, however I do have the paperwork from the loan that I signed and agreed to with M&S so I am pretty certain they can generate this themselves. I am not sure if them passing it to Cabot is my opportunity to do something, or if I should make the first payment, but by doing so I am putting myself in jeopardy in terms of having established a connection.

[Joanna Connolly Solicitors]

How long ago did you start the M&S loan i.e. what year?

Can you confirm that what you've been sent is a Notice of Assignment from M&S (a "Goodbye" letter) but you've not received a "Hello" letter from Cabot yet. It's important to establish who actually owns the debt.

Don't assume that because you've kept your own paperwork that the original creditor has scanned and/or kept copies of documents. And not all debt purchasers have access to the information held by the original creditor.

Just clarify who has written to you before deciding what to do next. If Cabot haven't contacted you then wait until they do before sending the s77-79 CCA Request.

Was there PPI on this loan?

Di

[Beachbaby]

Thank you so much for replying. I have pulled out the paperwork.

The loan was taken out in October 2006 from what I can see, for the sum of £8500, it was a Fixed Sum Loan Agreement, with from what I can tell no PPI, as the total amount repayable was to be £8759.52, to include 1% interest over 72 repayments of £121.66. This I paid for some time, then when my divorce happened, I reduced it to £50, then after speaking to a support place for debt, they advised me to go to £1 per month which I did for some time.

So far in the mail I have had a letter, not posted from M&S in Chester, but from Huddersfield. The top letter is from M&S, saying they've transferred ownership to Cabot Financial (UK) Ltd and has appointed them to manage my account on their behalf (by their M&S mean Cabot, not M&S) The next letter in the bundle (same envelope) is from Cabot saying "your account has a new home. We are part of the Cabot Credit Management Group, which has recently bought the account you held with M&S Fin Serv plc, the balance you owe is £1,205.20. We are now responsible for helping you to manage your account and receiving your future payments. It goes on to say that they are happy to keep the repayment plan I agreed with M&S. I can continue to make my payments to M&S until I can get my standing order moved to Cabot.

So so far, I have a payment due to go to M&S in the next couple of days for £15, and don't have a standing order yet to Cabot.

I wasn't sure if Cabot buying my account is akin to them buying themselves a lottery ticket, some pay out and some don't and this is my opportunity to contest what Cabot are saying and having the debt written off. That is if I have understood things properly.

[Beachbaby]

Hi, I wasn't sure if the bundle I received, the second letter telling me that Cabot now were managing my account is the "hello" letter you are referring to? If it is, then I am assuming I now need to send the s77-79 CCA Request? I have cancelled the direct debit to M&S, and have not yet set up one with Cabot. I also presume the template for that letter is in the templates section on here?

[Roger]

Hi, I wasn't sure if the bundle I received, the second letter telling me that Cabot now were managing my account is the "hello" letter you are referring to? If it is, then I am assuming I now need to send the s77-79 CCA Request? I have cancelled the direct debit to M&S, and have not yet set up one with Cabot. I also presume the template for that letter is in the templates section on here?

Its in the Templates area https://www.all-about-debt.co.uk/for...%20Request.doc

Create a diary entry for this Loan
Then update and enter Letters you send and receive in that Diary (if they phone or send txt make a note of these and the dates etc..)
Your Diary helps folks here to help you!

When you send the CCA keep a copy.
DON'T FORGET TO ENCLOSE a £1 (its part of the CCA )
I use Postal Orders and make a note of the Postal Order (or scan it) number.
I send my by recorded delivery so that I can track delivery

Entry the details into your Diary.

Welcome to AAD we have all been where you are now.

[Beachbaby]

Thank you so much, I will do that.

[Meepatme]

Good luck

[Beachbaby]

I have just created the letter using the template, but as I was writing the envelope I remembered about how I need to send it signed for and it is a PO Box no, I don't think I can do that can I?

According to Mr Google, it seems you can! I did not know that, will this though frustrate the process, will this give them wriggle room?

You can send recorded delivery to a PO Box, but the recipient will only get a notification card. They will have to visit their local delivery office in person with ID, to sign for the letter which may either cause delays or simply be ignored!

[Roger]

I have just created the letter using the template, but as I was writing the envelope I remembered about how I need to send it signed for and it is a PO Box no, I don't think I can do that can I?

According to Mr Google, it seems you can! I did not know that, will this though frustrate the process, will this give them wriggle room?

You can send recorded delivery to a PO Box, but the recipient will only get a notification card. They will have to visit their local delivery office in person with ID, to sign for the letter which may either cause delays or simply be ignored!

This is CABOT they know all about Recorded Delivery etc..
But the moment you send this with a £1 enclosed to a valid address with proof of postage it will be Unenforcibly until they respond with a valid CCA.

[Beachbaby]

Thank you so much for all your help and clarification, I truly appreciate it.

I seem to be all questions today, I am so sorry about this. Do I add my UE diary as a post on here, or is there somewhere special I need to put it, (polite answers only please LOL)

[Still Waving]

Thank you so much for all your help and clarification, I truly appreciate it.

I seem to be all questions today, I am so sorry about this. Do I add my UE diary as a post on here, or is there somewhere special I need to put it, (polite answers only please LOL)

First of all, ask as many questions as you need to, and no need to apologise.

If you have more than one debt you want help with you could start your diary in the Diaries sub-section of the Unenforceability Forum. If it is just this one debt you could either continue a diary on this thread or start a diary in the section I just mentioned.

[Beachbaby]

Just the one, thankfully, so I will do it here then, thank you so much :-)

[Beachbaby]

My UE Diary Marks and Spencer Unsecured Loan, now being managed/bought by Cabot Financial (Europe) Ltd

• Type of account unsecured loan
• Date commenced October 2006
• Approx balance £1,205.20
• Date last paid I haven't made a full payment since sometime in 2010. I spent a few years paying £1.00 a month, then £10 for about six months, then was on the verge of offering £15 per month.
• Are you on arrangement or not paying On an arrangement, but as they have sold the debt on, I have cancelled my M&S S/O and haven't yet set one up with Cabot.
• Status Up to date, next payment due, September 2017
• Account owner DCA - Cabot Financial (Europe) Ltd
  
  24/08/17 - Letter posted from M&S Bank to let me know they have passed/sold debt to Cabot Financial (Europe) Ltd
  24/08/17 - Same Envelope Letter posted from Cabot Financial (Europe) Ltd to say they now managing the account on behalf of themselves.
  29/08/17 - both the above letters, in the same envelope received by me.
  30/08/17 - enquired in AAD about if debt could be unenforceable.
  31/08/17 - s77-79 CCA letter created and printed
  01/09/17 - Postal order for £1 purchased and attached to letter. Letter posted by recorded delivery.
  04/09/17 - Letter delivered and signed for by Cabot
• 09/09/17 - Letter received from Cabot thanking me for my payments towards my account and asking me to set up a payment plan.
• 26/09/17 - Letter received from Cabot saying they have requested a copy of the credit agreement and will forward that to me as soon as they have it.