Cabot again

[Sato999]

just to clarify something here, you say "I had a loan with the CO-OP"
and when you had a problem they attached it to your current account,

after looking through my papers founding took out a bank loan with the Coop in Jan 99
Got in difficulties in July 2000 and defaulted and bank transferred loan into my current account

How did they do this? was it part of a company account? or a seperate account?

I can't see how a loan could become a current account. Mind you nothing supprises me much on here anymore.

Yes it was a personal loan and they transferred it into my current account and made me 8K plus overdrawn. When I queried it with the bank they said that was the procedure with defaulted accounts I can tell you exactly what was said if you want from their letter

[Joanna Connolly Solicitors]

The account was defaulted in 2000 then while under a payment plan with Coop debt recovery they defaulted again got it removed in 2010 I was not aware that they were not allowed to do this as they insisted they could. Then when Cabot bought the debt in 2013 the defaulted me again but told them this was not allowed and had it removed a few months later

You say your last payment was on 29th May 2013.

You also say you disputed the default in 2013 and had it removed "a few months later". Would that dispute have concluded before or after May 2013, because it may be seen as an acknowledgement of the debt for Statute Barred purposes.

Di

[nightwatch]

Yes it was a personal loan and they transferred it into my current account and made me 8K plus overdrawn. When I queried it with the bank they said that was the procedure with defaulted accounts I can tell you exactly what was said if you want from their letter

No need, thank you.
just keep all letters from them safe x

[Sato999]

You say your last payment was on 29th May 2013.

You also say you disputed the default in 2013 and had it removed "a few months later". Would that dispute have concluded before or after May 2013, because it may be seen as an acknowledgement of the debt for Statute Barred purposes.

Di

No. I informed Cabot that I had an ongoing dispute with the Coop Cabot replied 11july saying I didn't I wrote back 17 July there was definitely an ongoing despute they insisted they were not reporting on my credit file Wrong. Contacted Coop about this who said it was their recoveries team had wrongly registered the 2nd default and passed it on to Cabot they instructed Cabot to remove the default
received letter from Cabot 13 sept 13. Saying I understand there's an outstanding dispute with Coop told you that
reviewing correspondence concerning this as far as they were aware it is not unlawful or forbidden to merge a loan account with a current account
in light of this pay up

[Joanna Connolly Solicitors]

Original papers is Cabot financial (uk) ltd but some letters have Cabot financial Europe ltd does this matter which one it is

In which case they may have a potential problem since Cabot Financial (UK) Ltd is not currently authorised by the FCA.

Read Jo's post on this issue >

On 24 April 2019 I was successful in a consumer credit claim appeal. The Claimant debt purchaser admitted they were not authorised by the Financial Conduct Authority but said they could rely on the S.55 FSMA 2000 exemption because they had a valid servicing agreement in place with an affiliated 3rd party who was authorised by the Financial Conduct Authority.

It was accepted by both parties on the facts of the case that there was a valid servicing agreement in place. The issue was could the Claimant debt purchaser rely on the S.55 Exemption to issue proceedings in the county court.

The Circuit Judge held as a general principle of law that the Claimant debt purchaser was not able to rely on the FCA authorisation of an affiliated 3rd party (and the exemption under s.55 FSMA) for the purpose of bringing a claim. The agreement was unenforceable, and the order of the court below was set aside, and the Claim dismissed

Di

[Sato999]

In which case they may have a potential problem since Cabot Financial (UK) Ltd is not currently authorised by the FCA.

Read Jo's post on this issue >




Di

Thanks Di,
but still confused about them saying a loan can be changed into an overdraft and the CCA request is not necessary

[Sato999]

Just to clarify after looking through my papers founding took out a bank loan with the Coop in Jan 99
Got in difficulties in July 2000 and defaulted and bank transferred loan into my current account
April2001 arranged to pay reduced payments
July 2009 account closed and told to continue to sent payments to Fredrickson which I did
March2013 letter from Cabot Fiancial had purchased debit in January 2013 an continue to make payments to Fredrickson
June2013 sent CCA request to Fredrickson who returned my £1 closed file and returned to Cabot
July 2013 sent CCA request to Cabot replied no need for them to supply copy of agreement and to arrange payment
Also told them they could not default me again, this was the 3rd time on this account. 2000 then 2007 and again 2013
definitley no payment after June 2013. Just sat back and collected the mountain of demand letters
December2018 said wanted to help me out balance is £6800 will accept £1700 if paid immediately
Today letter from Cabot transferred account to Global make arrangements to pay

Received letter today from Global saying Cabots responded and advised me on 13sept 13 that the default was removed ( which I know) and I am liable for balance Hope this is of assistance pay up
I Really don't know what to do next have sent CCA SAR stopped payments all in 2013 Cabot insist this is a Current Account Overdraft when in fact it's a Personal Loan
With no CCA to date from Cabot ( said didn't need to supply me with one) and no agreements in SAR any advice what to do next

[Joanna Connolly Solicitors]

. . . Received letter today from Global saying Cabots responded and advised me on 13sept 13 that the default was removed ( which I know) and I am liable for balance . . .

. . . have sent CCA . . . . Cabot insist this is a Current Account Overdraft when in fact it's a Personal Loan
With no CCA to date from Cabot ( said didn't need to supply me with one) and no agreements in SAR any advice what to do next

From what you say Cabot Financial (UK) Ltd has not complied with your valid s77/78 CCA Request which means the debt is unenforceable in court until or unless they do comply.

There's nothing you need or should do now, especially since it looks as if this debt may become Statute Barred soon (you may have acknowledged it when you disputed the Default date in September 2013.)

Di

[Sato999]

From what you say Cabot Financial (UK) Ltd has not complied with your valid s77/78 CCA Request which means the debt is unenforceable in court until or unless they do comply.

There's nothing you need or should do now, especially since it looks as if this debt may become Statute Barred soon (you may have acknowledged it when you disputed the Default date in September 2013.)

Di

In all letters to Cabot or their collectors I allways started letter with I do not acknowledge this debt so I thought it should be SB'd all ready
Thanks

[Sato999]

Had letter today from Global said must phone them immediately and make payment.
will I tell them that Cabot have not sent me a copy of CCA that I requested in 2013

[The Tech Clerk]

see what they do next do not speak to them, or give them time to right a failure by their clients = sit tight speak now and you may awake them to their real problem no agreement suppled = unenforceable

[Sato999]

see what they do next do not speak to them, or give them time to right a failure by their clients = sit tight speak now and you may awake them to their real problem no agreement suppled = unenforceable

Thanks will do
Can you tell me is it legal to turn a Personal Loan into an overdraft

[nightwatch]

Thanks will do
Can you tell me is it legal to turn a Personal Loan into an overdraft

who knows unless they send you the T&C's that you asked for, please do not speak to them on the phone,

[Joanna Connolly Solicitors]

Had letter today from Global said must phone them immediately and make payment.
will I tell them that Cabot have not sent me a copy of CCA that I requested in 2013

No, don't say or write anything to them.

Your aim is for Statute Barred status which is possibly next month.

Di

[Joanna Connolly Solicitors]

Just to clarify after looking through my papers founding took out a bank loan with the Coop in Jan 99
Got in difficulties in July 2000 and defaulted and bank transferred loan into my current account
April2001 arranged to pay reduced payments
July 2009 account closed and told to continue to sent payments to Fredrickson which I did
March2013 letter from Cabot Fiancial had purchased debit in January 2013 an continue to make payments to Fredrickson
June2013 sent CCA request to Fredrickson who returned my £1 closed file and returned to Cabot
July 2013 sent CCA request to Cabot replied no need for them to supply copy of agreement and to arrange payment
Also told them they could not default me again, this was the 3rd time on this account. 2000 then 2007 and again 2013
definitley no payment after June 2013. Just sat back and collected the mountain of demand letters
December2018 said wanted to help me out balance is £6800 will accept £1700 if paid immediately
Today letter from Cabot transferred account to Global make arrangements to pay

Hello

Can you update on what has happened since your last post on this thread so help can be given if you need it.

Who currently owns this debt? Is it Cabot Financial (UK) Ltd?

I have a reason for asking.

Di