Advice needed please on Marks and Spencer Loan

[The Tech Clerk]

they are panicking sounds like, they have no case and trying to damage limitation to their fees??? maybe! no ringing the kindergarten play ground

[Beachbaby]

do you still have that letter from the start??

Yes I do, plus I have received another letter this week. They are suggesting that they will accept a payment at a very reduced amount and the whole thing will be cleared if I do, but there is no indication as to what that reduced amount might be, to find out I need to phone them to discuss it, but I am aware by doing so that my actions confirm the debt is with them.

[The Tech Clerk]

do you still have that letter from the start??

[Beachbaby]

Sorry for the tardiness in my reply. I get occasional letters telling me how great they are and that they are a pleasure to deal with, which they are certain I will find out too should I engage with them (my words, not their exact words). It is Debt Managers now who write to me, and they do the same, just an occasional phone call and the same letter which says how much and maybe I'd like to contact them. I did get a letter at the start which stated they were unable to take me to court over this.

[Joanna Connolly Solicitors]

The loan was taken out in October 2006. . . . 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

I've looked back through your thread and can see this debt is owned by Cabot Financial (UK) Ltd which is not currently authorised by the FCA .

This could cause them problems if they do decide to issue a claim against you for this old M & S loan from 2006. Did you receive a valid Notice of Assignment from Cabot (not just M & S) when they purchased the debt, and have you been regularly receiving Notice of Sums in Arrears from them?

Jo explains the relevance of all this in her post here >

The Cabot group of companies have issues with their assignment process and documentation, as was shown in our recent cases of MFS Portfolio V Phelan & West. We won this case at appeal, following days of argument and counter argument. Part of the judgment confirmed our position both on assignment and that personal account overdrafts are subject to the regulatory framework of the Consumer Credit Act, including S.78 CCA 1974.

The judgment, however, was not all in our favour. The Circuit Judge ruled in favour of MFS Portfolio on a point relating to the use of servicing agents to avoid authorisation by the Financial Conduct Authority under the para 55 FSMA 2000 servicing exemption which we believed to be wrong. However, as we had won the appeal for our client, we were unable to appeal this judgment to the Court of Appeal.

We did however 2 months later obtain another Circuit Judge decision in the Idem Capital Securities Limited case that debt purchasers who are not authorised cannot issue proceedings in the county court regardless of whether there is a para 55 FSMA 2000 servicing agreement in place. Idem did not appeal the judgment.

We currently have other cases going through the courts, which will hopefully obtain binding decisions both on lack of authorisation by the Financial Conduct Authority and other issues too.

f you are currently defending a claim with a Cabot company, whether stayed or ongoing, or Cabot have obtained a Default Judgment against you and you have any query please post any queries on this thread..

Di

[Beachbaby]

Just to update the thread, I get an occasional phone message left, or a letter now and again asking me to contact them, but nothing so far more than that.

[Beachbaby]

Hi Beachbaby. just wait on Debt managers writing to you.They had one of mine from cabot. cabot has taken it back and are going to try Resolvecall next

Thank you, I shall sit tight then and see what happens.

[stuckinarut]

Well hello from me again

Just to update things, I have been receiving letters from them suggesting that I might like to make a payment. They'd acknowledged that they were still trying to obtain the paperwork and so therefore they had a duty to let me know that they were unable to take me to court over it. They send a letter every so often, but that is it, occasionally offering me a £50 discount if I contact them on receipt of the letter. I don't respond, just open the letter and file it. Today though I received a letter from Cabot to say as they'd been unable to reach an agreement for payment they've passed 'my account' to Debt Manager (Services) Ltd. to manage the account for them. The balance is just shy of £1200.

What do you advise my next step should be please?

Hi Beachbaby. just wait on Debt managers writing to you.They had one of mine from cabot. cabot has taken it back and are going to try Resolvecall next

[Beachbaby]

Well hello from me again

Just to update things, I have been receiving letters from them suggesting that I might like to make a payment. They'd acknowledged that they were still trying to obtain the paperwork and so therefore they had a duty to let me know that they were unable to take me to court over it. They send a letter every so often, but that is it, occasionally offering me a £50 discount if I contact them on receipt of the letter. I don't respond, just open the letter and file it. Today though I received a letter from Cabot to say as they'd been unable to reach an agreement for payment they've passed 'my account' to Debt Manager (Services) Ltd. to manage the account for them. The balance is just shy of £1200.

What do you advise my next step should be please?

[Still Waving]

I have received a letter from them today, which says this, I've cropped out my details and the name of the person that signed it. I am hoping this is a standard letter from them. If they can produce the information inside the 40 days does that mean I have to pay it, and if they do provide it but outside the 40 days, does that also mean I still have to pay it? Sorry for the questions.

They would say so (of course).

It all depends on what they produce - as previously advised, wait and see what they do produce, then post here for further advice on where to send it for checking. Still all to play for at the moment.

[Beachbaby]

I have received a letter from them today, which says this, I've cropped out my details and the name of the person that signed it. I am hoping this is a standard letter from them. If they can produce the information inside the 40 days does that mean I have to pay it, and if they do provide it but outside the 40 days, does that also mean I still have to pay it? Sorry for the questions.

[Beachbaby]

Thank you so much again, this site is such a font of knowledge, I really appreciate your help in navigating this minefield.

[Still Waving]

Creditors usually acknowledge receipt of a CCA request, and say that collection activity will be suspended until they have obtained the documents.

Let us know when they reply to you.

[Beachbaby]

Ah thank you so much. I do not know how I got it into my head that I had to send a further letter after the first one. I am of course not paying it, so I presume they will try to chase me for payment, are they allowed to do that while they are in this situation of me asking for the CCA Paperwork?

[Joanna Connolly Solicitors]

It usually takes weeks or months for creditors to come back with any CCA paperwork.

Or sometimes never

Di