Confused help please

[fluffystuff]

Re: Confused help please

Thanks for confirmation Niddy.

[Oldandblue]

Re: Confused help please

Hiya Fluffystuff,
Thanks I'll read that
No I definitely did not agree to the transfer I only agreed to a payment plan with them that was in 2002/3 I didn't find out what they had done till dec 2010 after it was pass to DCA . FREDRICKSON'S I was a bit more informed then so sent a CCA request that's how I found out it showed up on the statements. I disputed the balance but no reply then in March this year I was informed that CABOT had bought the debt but my payment arrangement with the bank was still in place so to continue payments to FREDRICKSON I sent CCA again via FREDRICKSON replied a few days later returning Your £1 file now closed returned to our clients. so on 1st July 13 sent it to CABOT replied back on 8th July don't have to give me this as it comes under PART V section 74(1)b and as for the NoA it was posted out on 27th Feb 13 and as far S they were concerned that's that?

[Never-In-Doubt]

Re: Confused help please

Hiya new to this so start off with one thing at a time
Had a bank loan in Jan 2000 Then got into difficulties Arrangement made for token payment for 6 months
THEN unaware's to me Bank TRANSFERRED LOAN TO MY CURRENT ACCOUNT AND PUT ME IN 9K OVERDRAFT and CHARGED ME FOR THE PLEASURE

CAN SOMEONE TELL ME IF THEY CAN DO THIS PLEASE

No they cannot. An overdraft is unregulated per se, a loan is regulated so no - they cannot do it.

If they have, once the accounts have defaulted then fine, they can amalgamate them to sell on or for accounting but they cannot merge a regulated product into an unregulated one.

HSBC seem to do it all the time. Ooops, that's their error

[fluffystuff]

Re: Confused help please

Have you read this thread?

HSBC combined debt - allaboutFORUMS


Has the account been sold to Cabot or are they just acting on behalf of the bank?
You definitely didn't agree to this transfer?

I know it's hard, but try not to worry, you will have the answers you need soon. X



Actually, having thought a bit more about this, It appears that they may have used their 'right of set-off'. This is where a bank can take monies from an account that's in credit to repay another that's either overdrawn or where one has failed to keep up repayments. e.g a loan account.
BUT, as far as I know, they are not allowed to overdraw or further overdraw an account in doing so.


Do you think this is what they have done?
Did you have an agreed overdraft on your current account?

[Oldandblue]

Re: Confused help please

Hiya Fluffystuff and Thank you for replying so quickly,
I do hope that someone can help The problem here is so complicated well to me it is it's jut gone on and on and now I've got CABOT on my back demanding payment within 14 days or they will escalate it. I'm worried sick and could do without this at the moment as I have major health concerns

[fluffystuff]

Re: Confused help please

Good morning Oldandblue, welcome to the forum.

I am pretty sure that the bank shouldn't have done this, someone will have a firm answer for you soon.

[Oldandblue]

Hiya new to this so start off with one thing at a time
Had a bank loan in Jan 2000 Then got into difficulties Arrangement made for token payment for 6 months
THEN unaware's to me Bank TRANSFERRED LOAN TO MY CURRENT ACCOUNT AND PUT ME IN 9K OVERDRAFT and CHARGED ME FOR THE PLEASURE

CAN SOMEONE TELL ME IF THEY CAN DO THIS PLEASE